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Can the executor of the estate appoint her husband to do all the work except sign papers?
The executor of the estate is responsible for fulfillinlg the requirements of their position. They are not required to do all the work themselves. If it is reasonable to hire someone else to do the work, it is acceptable.
Can a Co-Independent Executor act on legal documents without the other Executor?
Yes, except when selling real property. In selling real property all co- independent executors must execute the document.
What happens when mom dies and has no estate except life insurance and outstanding credit card debt does executor have to pay the outstanding debt?
Yes, the executor has to pay the debt. Debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Can a house in a life estate be sold?
Generally a life estate entitles the beneficiary to all property rights except the right to sell or otherwise transfer the fee in the property. It cannot be defeated by the conveyance of the property. If the house was sold the buyer would acquire it subject to the life estate. If the life estate holder desires to relinquish the life estate in order to sell the property then she/he may join in the deed of conveyance and the life estate will end.
What is the fee an executor of an estate receives in Ohio?
Executors and administrators shall be allowed commissions upon the amount of all the personal estate, including the income from the personal estate, that is received and accounted for by them and upon the proceeds of real estate that is sold as follows: (A) For the first one hundred thousand dollars, at the rate of four per cent; (B) All above one hundred thousand dollars and not exceeding four hundred thousand dollars, at the rate of three per cent; (C) All above four hundred thousand dollars, at the rate of two per cent. Executors and administrators also shall be allowed a commission of one per cent on the value of real estate that is not sold. Executors and administrators also shall be allowed a commission of one per cent on all property that is not subject to administration and that is includable for purposes of computing the Ohio estate tax, except joint and survivorship property. The basis of valuation for the allowance of such commissions on real estate sold shall be the gross proceeds of sale, and for all other property the fair market value of the other property as of the date of death of the decedent. The commissions allowed to executors and administrators in this section shall be received in full compensation for all their ordinary services. If the probate court finds, after hearing, that an executor or administrator, in any respect, has not faithfully discharged his duties as executor or administrator, the court may deny the executor or administrator any compensation whatsoever or may allow the executor or administrator the reduced compensation that the court thinks proper.
Who holds the tax benefits legal title or equitable title on a real estate contract?
A contract to purchase real estate gives the buyer no rights in the property except the right to purchase it. Title remains in the property owner until transferred by a deed of conveyance.
What if executor sues the other 2 executors over a will?
Perhaps nothing will happen, because most states provide that when there are more than one executor the majority rules except where the majority is acting contrary to the interests of the estate and beneficiaries. The executor suing will probably have to prove more than there being a difference of opinion as to what should be done during administration. Such differences might involve the choice of the bank in which the estate account should be placed. If, say, the reason for the majority's choice is ease of banking with no difference in interest rates, the court would side with the majority. If the chosen bank has a lower interest rate on the estate account the court would side with the single executor. In addition, one or more of the executors might be removed as executor depending on the facts.
Where do i get an estate adminstrator certificate?
You get a certificate of administration from the probate judge. Usually the judge just gives you permission to get one. You actually get it from an office. You will need that and a death certificate. You will need one to sell each piece of property or close each account, etc. The judge will check the will and assign you as executor. If there is no will then the Judge will appoint an administrator. That can cause more problems if there is much of an estate. If there is just a couple and all they own except for a car is in their joint names, no problem usually exists.
Who is responsible for home repairs with a life estate?
The person with the life estate should pay for repairs. They are benefiting from the arrangement, and so should except the responsibility, or give up the life estate. However, the answer may depend on the relationship between the parties. In most cases an elderly parent transfers ownership to their children in order to bypass probate while retaining the right to life use of the property. Since the parent is trying to preserve the property for their children, the children should be willing to help with repairs since it is in their interest for the property to be well maintained and an elderly parent may not have the resources to pay for repairs. For a definitive answer you need to check your state laws that govern life estates.
Can the life tenant release the life estate?
A life estate is not a fee interest and a bank will not loan money on real property unless it can take the property by foreclosure in the case of a default. The fee owners (or remaindermen) would need to consent to the mortgage. The exception is the "enhanced life estate" available in Florida and few other states whereby the life estate holder has the power to sell and mortgage the property during their life.
What implications does a sibling who gets life use of house have for the rest of the siblings?
Generally speaking, the rest of the siblings cannot do anything as long as the person with the life estate is alive except make sure that the person with the life estate takes care of the property.
What happens when someone is given a life estate and vacates the property willingly?
Unless statute modifies the common law where you are, nothing happens. The life tenant still has a life estate over the property until the life tenant takes some legal steps to alienate that life estate, i.e. 1. by selling it, at which point it becomes and estate pur autre vie, which is just like a life estate, except that it ends when the person dies from whom it was acquired, or 2. dies (which the life tenant may or may not decide to do).
