0
What is the cost of the filing fees to become executor of estate in New York?
Wiki User
∙ 9y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
In new york state how could you become executor of your grandmother's estate in the event of the death of the first executor?
Petition the court to be appointed executor. It typically requires the agreement of all the beneficiaries.
What is legal age to be an executor of an estate in New York State?
In New York State, the legal age to be an executor of an estate is 18 years old. Any adult over the age of 18 can serve as an executor to manage and distribute the assets of an estate according to the deceased's wishes.
Can the executor of an estate set the price of the real estate of the estate?
In New York an Executor can set the price of the real estate of the estate. However the price should be close or at the market value. Oftentimes in New York an Executor must have the sale approved by the Court. The Court will then look to see if the price is reasonable. The Executor will have to submit various documents to support his request to sell the real estate at the price s/he he set (i.e. appraisal, tax assessment, etc.) So, the answer is yes the Executor can set the price, but oftentimes subject to the approval of Surrogate's Court.
What happens if a executor of an estate is mismanaging it in new york state?
Report your suspicions to the Probate Court in which the will is being probated.
How long does an Executor have to settled an Estate in New York?
In New York, an Executor typically has up to six months to settle an estate. However, this timeframe can vary depending on the complexity of the estate and any unforeseen circumstances. It's generally advisable to consult with an attorney experienced in probate matters to ensure compliance with all legal requirements and to navigate the process efficiently.
What is the Executor's fee from an estate in New York?
The commission rate in New York is fixed. For each Executor (there can be two, if more, they share the same amount as two would get) it goes like this:5% on the first $100,000 in the estate4% on the next $200,0003% on the next $700,0002-1/2 % on the next $4,000,0002% on any amount above $5,000,000The will can state that the executor must waive the fee, but this means that no bank or attorney will serve. It is only recommended if the executor will inherit from the estate.
Can an executor be a witness on a will in New York?
As a rule, the executor of a will in New York can be a witness but in most cases it will void any benefits to the executor.
How can a person become more familiar with New York New York real estate?
One can become more familiar with New York real estate by using many different online resources. Some examples include Realtor, Timberland Properties, and Trulia.
Are executor fees taxable in New York state?
They are income for the executor. Yes, they are taxable.
Do you need a high school diploma to become a real estate agent in new york?
No its not needed
Am I responsible for my husband's debt in NY?
You do not have to do it out of your own pocket in New York. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, you may have to sell the house or other assets.
Can the executor sell property without all beneficiaries approval in New York state?
No, the executor cannot sell property that is in a trust.First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.
