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Can 1 executor refuse to release cash until other executor agrees to what he wants to do with property?
When there are co-executors of an estate one has no superior rights over the other. If they cannot agree then the conflict needs to be presented to the court for a solution. The beneficiaries have the right to expect that the estate be settled with expediency. An executor who is holding up the process can be removed by a petition filed by the heirs or the other executor.
Can an executor choose not to make a disbursement to an heir if they themselves are an heir and take a disbursement from the estate?
They must follow the distribution plan as provided in the will or by the law of the state. They cannot favor one beneficiary over another unless the beneficiaries agree. An executor is entitled to be compensated for their work, but they must have the approval of the court on the distribution.
When is the executor entitled to take their executor fee in NJ?
An executor may take, on an annual basis, corpus commissions of one-fifth of 1% of the value of the estate. An executor may apply to the probate court for an allowance of more than that if the circumstances warrant it. Otherwise, the executor waits till the conclusion of administration of the estate. In practice, though, if the beneficiaries do not object, an executor sometimes takes more than that each year. The accumulated amount of the annual commissions taken, even with court approval, may not exceed the total amount the executor is allowed. Executors are also entitled to commissions on the income the estate produces. Unlike corpus commissions, income commissions may be taken in the full amount allowed as the income is earned.
What is the meaning of an executor and responsibility?
An executor is the e person who is responsible for settling the details of a deceased person's estate. There can be a single executor or one or more people charged with this job. An executor can be related to the deceased person, can be a friend or a lawyer, accountant, or other professional. The main requirement is that the person chosen as executor be at least 18 years old and have not been convicted of a felony. If you have been named the executor of someone's estate, you have been given a job of great responsibility. Some of these responsibilities include: paying creditors and taxes on the estate, notifying social security and other agencies of the deceased death, canceling credit cards among other things, and distributing the assets left in the estate.The executor of an estate has tremendous responsibility from small tasks to large ones. the executor of the deceased's estate must make sure all of the deceased's taxes and debts are paid, and then distribute what is left to the appropriate beneficiaries. The executor has a "fiduciary duty" to act in a manner of good faith and impartiality in making sure the wishes of the deceased are carried out to whatever extent possible
If an estate has two executors what happens to the estate if one dies?
The remaining executor will be responsible for taking care of the duties. If they wish, they can also ask the court to appoint someone else. The biggest thing is to keep accurate records so that the court knows what is going on. Consult a licensed attorney in your state for more details.
What happens if the executor of an estate refuses their position and makes the next of kin executor?
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.
What happens if one executor wants to put her children as executors and the othe executor disagrees?
Executors don't appoint executors. The court appoints them.
What happens if one of the named executors dies?
The remaining executor takes over, or the court will appoint a new one. No will shall fail because of the lack of a named executor, the court will simply appoint one.
Can 1 executor refuse to release cash until other executor agrees to what he wants to do with property?
When there are co-executors of an estate one has no superior rights over the other. If they cannot agree then the conflict needs to be presented to the court for a solution. The beneficiaries have the right to expect that the estate be settled with expediency. An executor who is holding up the process can be removed by a petition filed by the heirs or the other executor.
Does the courts take over or appoint an administator of and estate in the case of 2 siblings not agree on one The estate in question has no will?
The court will appoint an executor, at the expense of the estate.
Can one be an executor of probate but not the estate?
There is no executor of probate. The executor of the estate executes the will and probates the estate.
Your father had no will are you responsible for his medical bills after his death?
Well, not you personally. But your father's estate will have to settle the outstanding liabilities. If your family cannot agree on a executor, the court will appoint one. The executor's job is to see that all bills are paid prior to distribution of the estate to the heirs.
What if you don't want to be a co executor?
Yes. No one can force you to be executor, even if they name you as executor in their will. In the event the person named as executor declines, the probate court can appoint a new executor instead.
How long do you have to probate a will in Ontario Canada?
A will does not have to be read in a formal procedure. The executor is the only one that has to read a will.
I am named as a co-executor. what happens if co-executor dies?
If a co-executor dies, the surviving co-executor becomes the sole executor. Papers issued by the probate court that state that there are two co-executors have to be changed to show that there is only one now. The procedure to do that is set by each particular court. You also have to see if the will says something different. Sometimes a person wants 2 or more people as executors at all times. That person might appoint coexecutors and provide that in the event of the death of one coexecutor another person shall be added.
When a will is set up or changed does the executor have to sign the will?
The executor does not have to sign the will. They don't even have to know there is one or that they are the executor.
Can a beneficiary use property as collateral if other beneficiaries don't agree?
The executor is the only one that can use it for collateral. It is a big risk, but some will be willing to loan money on probate.
