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What happens if the executor of a will dies and the person who receives the residual estate also dies?

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2014-07-04 17:22:20
2014-07-04 17:22:20
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Usually the next of kin will be sought after by a company "In Trust". Children of the deceased will be sought out, or if there are no existing children it can go to a sister, brother, parent of the deceased.

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The court will appoint a new executor. The residual amount then goes into the estate of the person who was to get the remainder and then their estate will distribute as appropriate.

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The court will appoint a new executor. As to the residuary legatee, it depends on when they died. If they were deceased at the time of the death of the testator the gift will lapse unless there is language to the contrary in the Will. If the gift lapses and there is no successor residuary legatee, the residuary will be distributed according to the laws of intestacy as though there is no Will.

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how do you figure estate executor fee in colorado

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If the executor dies the court must appoint a new executor.

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The Executor can receive up to 5% of the estate assets, followed by 5% of the income the estate produces.

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They become part of his estate. The executor of his estate would file the claim against the first estate.

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There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.

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The court will appoint an executor and the estate will be subject to the intestate laws of the jurisdiction.

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The court will appoint an executor. Usually it will be an attorney, or perhaps a financial institution.

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There is no executor of probate. The executor of the estate executes the will and probates the estate.

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What is the executor of the estate for the titanic?

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NO. The executor of the estate is the person appointed by the court to pay the debts, distribute the property as directed in the will, file a tax return, etc. A beneficiary is a person who receives a gift under the will.

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The court must be notified of the death and a successor executor will be appointed.

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The court will appoint the executor. The estate will be distributed per the intestacy laws.

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She fulfills the duties of the executor. There is no issue with being executor of more than one estate at a time.

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The executor has breached their duty. They have a requirement to take care of the estate and resolve all its assets and debts.

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There is no set fee, the executor is appointed by the person making the will and could be anybody, even a member of the family or a trusted friend.

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what if the estate executor fee in arkansas

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Yes. There is a lot of work and responsibility involved in being the executor of an estate. The one sibling/beneficiary who is appointed should not be reqired to work for the other beneficiary for free. In some cases the executor may not charge the statutory fee, however, they should not be expected to work for free. The executor fee should be paid from the estate. If one of two sibling is inheriting real estate then they should make a cash contribution equal to one-half of the executor's fee.

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An executor is charged with acting in the best interests of the deceased and adhere to the stipulations of the will. An executor may acquire money from the estate if: 1. there are specific stipulations in the will that the executor is entitled to funds as compensation for their efforts. 2. The executor is a named beneficiary of the will, a situation that often happens with couples.

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No, the executor works for the estate. The estate will pay the executor a reasonable fee. The beneficiary has limited direction that they can give the executor.

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Yes, the executor of an estate is entitled to reasonable compensation for services rendered to the estate.

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Pass it to the Executor of the estate. It has to be paid, if there is enough money in the estate, before making any bequests.

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That depends on the will. It determines what happens to the assets of the estate.

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Happens all the time. No big deal. The executor, whomever it is, fulfills the duties are required by law. And if no one 'wants' to be the executor, the court will appoint someone to do it, usually an attorney or a bank.

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The executor should be reported to the attorney who is handling the estate and the court immediately. What you have described is criminal behavior and the executor should be prosecuted.

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You should seek official legal advice, but the online consensus seems to be that the 2nd person in line to be executor becomes in charge of the estate.


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