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You are not allowed to charge by the hour. Each state sets the compensation for executors as a percentage of the estate. Check your particular state's laws to see how to calculate your compensation.
Wiki User
∙ 14y ago
As an executor, you may be entitled to a fee for your services. This fee is typically a percentage of the estate's value or a flat fee specified in the will. Consult with a probate attorney to determine a fair and reasonable compensation for your time and effort in settling your sister's estate.
Wiki User
∙ 13y agoGenerally, executor's fees are set by state statute. Depending on the complexity of the estate and whether there were other heirs who did not participate in the tasks associated with settling the estate, you can charge the statutory rate, a reduced hourly rate for your time, or you can decide to volunteer your services. You should be reimbursed for any associated costs and filing fees.
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What happens in Texas when the executor of the will was incarcerated for a felony?
In Texas, if the executor of a will is incarcerated for a felony, they may be disqualified from serving as executor. It will be up to the court to determine if a new executor should be appointed to handle the estate administration.
What happens in Texas when the executor of will was convicted for a felony?
In Texas, if the executor of a will is convicted of a felony, they may be disqualified from serving as executor. The court may remove them and appoint a new executor to administer the estate. The specific impact will depend on the circumstances of the case and the terms of the will.
How do you know if you are the executer of an estate if there was no will?
If there is no will, the court will appoint an executor to handle the estate. The person appointed as the executor is typically a close family member, such as a spouse or adult child, or in some cases, a professional, like a lawyer or accountant. If you believe you are the closest living relative and should be the executor, you can petition the court to appoint you as such.
Can an executer cheat the beneficiary of the estate?
Although it is possible for an executor to act inappropriately and potentially cheat a beneficiary, there are legal safeguards in place to prevent such actions. Beneficiaries have the right to hold the executor accountable through legal action if they suspect foul play. It is essential for beneficiaries to stay informed, ask questions, and seek legal counsel if they have concerns about the executor's conduct.
How long does an executor have to distribute a will?
The length of time an executor has to distribute the assets from a will can vary depending on the complexity of the estate and any potential legal or administrative challenges. In general, executors should aim to settle the estate and distribute assets to beneficiaries in a timely manner, typically within a year or two of the deceased's passing. Communication with beneficiaries and seeking professional advice can help ensure a smooth and efficient distribution process.
Can an executor charge rent to an heir that has lived in the property for 19 years and was the caregiver of the deceased?
The executor of the estate is responsible for the estate. Use of the estate property is an asset and they should pay rent.
Should sibling who is executor and is inheriting estate residual be able to get executor fees from other sibling who is inheriting most of estate in real estate?
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.
How should you choose an executor for your will?
Select an executor for your will based on trust and relationship. A family member can execute the estate or you can choose two people to be co-executors. Lawyers can do it but they will likely charge the estate a percentage.
what happens when someone dies and his estate never goes through probate and then the executor of his estate dies ?
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.
When a person with a reverse mortgage dies can the executor give the house to the reverse mortgage company?
The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.
Does the executor fee continue as long as the estate has property?
Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.
Does the Executor answer to the beneficiaries?
The executor should operate in the estate's best interests.
What should you do if the named executor who is also the main beneficiary is not acting in the best interest of the other heirs?
Either renounce or administer the estate or pay a professional to deal with the matter and the fees would be met from the estate. It is up to the executor to decide. If the exector decides to administer the estate, he or she can be paid a fee (amount varies by state and county). The executor is not a beneficiary and the beneficiary is not the executor. The beneficiaries really have no say as to what the executor should do (i.e., adminster estate, hire attorney to represent estate, or renounce). The executor has a sworn duty to administer the estate in accordance with the deceased's will and the laws of the state and county of probate.
Who pays taxes on estate that is controlled by the executor?
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
Should a brother charge his sister executor fees if he is named as executor but they are to share the inheritance equally?
It is up to the brother. Most state probate codes allow the executor to charge a fee for their services. Executor duties and responsibilities can take up a lot of time. If there are only two beneficiaries, that will cut down on the executor's tasks somewhat. The brother should keep detailed time sheets for any time spent on estate matters and a deteiled account of any money spent on parking, postage, copying or other costs. The brother can then decide toward the end of his duties whether he wants to charge the estate or not. The executor's fee is a cost of the estate and should be paid before any assets are distributed so that brother and sister each pay equally.
Can a co-executor delay distribution of funds indefinitely?
No. They are required by law to settle an estate with expediency. If the executor, or co-executor, is delaying the distribution for no apparent reason they should be reported to the court. They can be replaced.No. They are required by law to settle an estate with expediency. If the executor, or co-executor, is delaying the distribution for no apparent reason they should be reported to the court. They can be replaced.No. They are required by law to settle an estate with expediency. If the executor, or co-executor, is delaying the distribution for no apparent reason they should be reported to the court. They can be replaced.No. They are required by law to settle an estate with expediency. If the executor, or co-executor, is delaying the distribution for no apparent reason they should be reported to the court. They can be replaced.
Can you transfer a property that is willed to you in NY State without putting property in your name?
You may be able to have the executor transfer the property directly from the estate with your consent. You should speak with the attorney who is handling the estate.You may be able to have the executor transfer the property directly from the estate with your consent. You should speak with the attorney who is handling the estate.You may be able to have the executor transfer the property directly from the estate with your consent. You should speak with the attorney who is handling the estate.You may be able to have the executor transfer the property directly from the estate with your consent. You should speak with the attorney who is handling the estate.
