The first duty is to inventory the estate and value it. Then they have to settle all debts and pay all taxes. Then they distribute the remainder.
Executors do not get the money, it goes to the estate. The executors distribute the estate per the will or laws of intestacy.
In Wisconsin, the executor's fee for settling an estate is typically determined by the value of the estate's assets. The fee is generally set at a percentage of the estate's total value, commonly around 2-4%, but can also be based on the time and effort involved in administering the estate. Executors may also receive reimbursement for out-of-pocket expenses incurred during the process. It's advisable to consult with an attorney or follow the guidelines set by the Wisconsin Statutes for specific fee structures.
There are no clear numbers on the percentage of executors that charge the estate for their services. Estimates put this number at anywhere from 40 to 75 percent.
Yes, it is possible for there to be two executors of a will. They can work together to carry out the wishes outlined in the will and manage the estate.
In addition to all out-of-pocket expenses in managing and settling the estate, Personal Representatives (executors) generally earn a fee of about 2% of the probate estate for their work. (This varies moderately in jurisdictions and generally decreases as a percentage as the size of the estate increases). All fees and reimbursed expenses are subject to court approval.
There is no fixed rule. Every company is different, it could be of the gross estate, it could be of the net estate, it could be of the property value. It could be anything, consult the executors
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.
The co-executors should discuss the issue with the attorney who is handling the estate. If the dispute cannot be resolved the matter should be brought before the court for a ruling.
Gross.
Generally, if two executors are named in the will and then appointed by the court as co-executors they must act together unless the will provides that either can act alone.
The executors and trustees of the estate.
It doesn't. Executors need replacing for many reasons and there is no negative effect on the estate.