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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.
What else can I help you with?
Is an executor of an estate the same as an beneficery?
NO. The executor of the estate is the person appointed by the court to pay the debts, distribute the property as directed in the will, file a tax return, etc. A beneficiary is a person who receives a gift under the will.
Are executor fees taxable income if the deceased was a family member and the executor was also a beneficary?
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
What is the fee an executor of an estate receives in Colorado?
how do you figure estate executor fee in colorado
What percent does executor receives in tn?
Usually 10%
What is the fee an executor receives in Missouri?
5% of the first $1000,00
What is the definition of Promisor demands and receives as the price for a promise?
executor
What is the typical fee an executor of an estate receives in Victoria Australia?
10%
What is the fee an executor receives in Virginia?
In the state of Va. the executor receives 10% after all bills are paid of the deceased. Second the executor is paid their 10%, third the executors expenses and reimbursements are paid and finally any inheritance left and designated per the will are disbursed accordingly.
Are executor fees taxable if the executor receives none of the inheritance?
Fees received by an executor are not classified as inheritance and therefore are not subject to an inheritance tax, but they are classified as income, and are subject to income tax.
What is a devisee?
A devisee is a person who receives a gift of real property by a Will.A devisee is a person who receives a gift of real property by a Will.A devisee is a person who receives a gift of real property by a Will.A devisee is a person who receives a gift of real property by a Will.
What is the fee an estate executor receives in North Carolina?
2-3% max
What is the fee an executor of an estate receives in British Columbia Canada?
The Executor can receive up to 5% of the estate assets, followed by 5% of the income the estate produces.
