It will depend on the will and/or the laws of the state. In most cases it must be 'reasonable' given the work being done. Some courts have said that 3% is reasonable, but cautioned that it needs to be determined on a case by case basis.
This varies from state to state, but the maximum I have ever heard of is 5% of the total assets of the estate, followed by 5% of the income the estate generates.
That will depend on the laws or the will. There is usually a percentage cap to what fees the executor can charge.
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.
One of the duties of the executor is to pay the debts of the decedent. If those charges have been billed to the decedent the executor should pay them. If there is not enough cash in the estate to pay the heirs should divide the cost and pay if they wish to keep the property.One of the duties of the executor is to pay the debts of the decedent. If those charges have been billed to the decedent the executor should pay them. If there is not enough cash in the estate to pay the heirs should divide the cost and pay if they wish to keep the property.One of the duties of the executor is to pay the debts of the decedent. If those charges have been billed to the decedent the executor should pay them. If there is not enough cash in the estate to pay the heirs should divide the cost and pay if they wish to keep the property.One of the duties of the executor is to pay the debts of the decedent. If those charges have been billed to the decedent the executor should pay them. If there is not enough cash in the estate to pay the heirs should divide the cost and pay if they wish to keep the property.
I have been the executor of my mothers money, I pay her nursing home bills with it, she just died and i have 200,000 dollars left, do I have to pay tax on that money.
Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.
No. If an Executor takes out a loan it has nothing to do with the estate he is executing.
The fee paid to the executor is considered taxable income.
The executor receives a statutory percentage of the assets for performing their duties. They are paid before any bequests are paid. You would need to check your state probate code for the amount allowed in your state.
Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.
The executor is obligated to pay all of the debts of the decedent. The creditors get paid before any funds or property are distributed to the heirs.
The executor is not personnally responsible. The estate is responsible to pay off the debts. If the assets are not sufficient to pay off the estates, they do their best and get the court to agree.
Being the executor does not make you personally responsible. The estate has to pay any debts. If the estate cannot pay them, the debtors do not get paid.
The executor cannot refuse to pay properly documented debts. They do not have to pay them personally, the money comes from the estate. If there isn't any money, they show the court the assets and distribution and the estate is closed. And if they insist on not paying, the court can revoke their status as executor and assign it to someone else.