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What else can I help you with?
Can an executor decide to hold on to property and stock portfolio because he does not like the market?
Yes, he has the ability to do that. It allows him to get the estate the most for its assets. That will allow the beneficiaries to obtain more in the end.
What is the procedure taken by an executor to negotiate with the beneficiaries of a will because some beneficiaries want a more fair deal according to them?
After the will has been allowed and the executor has been appointed by the court the executor is obligated by law to carry out the distribution as set forth in the will by the testator. The executor has no authority to change any provisions that were made by the testator unless that power was also granted in the will. There is no "procedure for negotiating" with beneficiaries who want a "more fair deal" than was provided by the testator. The executor needs to seek some advice from the attorney who is handling the estate. The executor needs a primer on their legal obligations and personal liability if they overstep their authority and decide to operate outside the probate laws.
If there are joint executors can one executor have the other removed?
Yes. However, the first executor would need to have just cause to be successful in a petition for the removal of the other executor. Factors the court will consider include but are not limited to the following: neglect of duties, waste of assets, lack of cooperation with co-executor, unwillingness to act responsibly and effectively. The court will review the matter and decide if it would be in the best interest of the beneficiaries to remove that co-executor.
Can the estate executor who is one of the beneficiaries decide to keep a property when the other beneficiary doesnt want to own it?
Sure, but the other person doesn't have to keep it and can sell their share either to the executor or to a third party.
Is the executor or executrix legally bound to execute the will as written?
Yes, the executor is legally bound to fulfill all directions in the will. If an executor has a question about the legality of some particular direction (such as scattering cremated ashes in a place where it is not allowed), the executor has the right to file an action in the probate court for what is called "advice and directions". All beneficiaries will get notice of the action and have a right to be heard for or against the issue and the court will decide what the executor is to do.
What is the fee an executor of an estate receives in Massachusetts?
They get paid for reasonable out of pocket expenses as the court may allow. There is no set amount and if it is not stated in the will then the beneficiaries decide the amount. If they can not agree on the fee a judge decides what is reasonable.
I am the sole executor of my mother's estate in TN and want to know if an heir has any authority to decide who receives what of the personal property the will just states equal shares to the heirs?
An heir does not have any authority over the distribution under a will. Once the estate has been filed for probate the executor is provided with that authority by the court. The executor can take suggestions about how the personal property should be divided and should take care to set personal feelings aside and be fair about the distribution. However, making the distribution of the estate is the executor's legal responsibility.
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.
What is the Maine executor fee?
There is no set Maine executor fee. It is up to the executor and the court to decide a reasonable amount for a fee.
What happens if the executor demands from the co- executor a division of land for himself without caring about the consent of the other beneficiaries?
People do not have the authority to "make demands" from an estate. Estates are settled according to the provisions in the Will or according to the laws of intestacy if there is no Will. If there is a dispute the judge will decide. The executor who is making the demand must make his demand through the court.People do not have the authority to "make demands" from an estate. Estates are settled according to the provisions in the Will or according to the laws of intestacy if there is no Will. If there is a dispute the judge will decide. The executor who is making the demand must make his demand through the court.People do not have the authority to "make demands" from an estate. Estates are settled according to the provisions in the Will or according to the laws of intestacy if there is no Will. If there is a dispute the judge will decide. The executor who is making the demand must make his demand through the court.People do not have the authority to "make demands" from an estate. Estates are settled according to the provisions in the Will or according to the laws of intestacy if there is no Will. If there is a dispute the judge will decide. The executor who is making the demand must make his demand through the court.
What if there is no will who has authority to become executive?
In most cases, if there was no will made by the deceased, the state would be the executor and they would decide the fate of the deceased person's assets. You might be able to find out the details on a legal website such as www.nolo.com- good luck to you, and I hope my answer helps you.
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.
