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The minimum age to be an executor of an estate in New York state is 18 years of age. This applies to all states in the United States.

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11y ago

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In new york state how could you become executor of your grandmother's estate in the event of the death of the first executor?

Petition the court to be appointed executor. It typically requires the agreement of all the beneficiaries.


What happens if a executor of an estate is mismanaging it in new york state?

Report your suspicions to the Probate Court in which the will is being probated.


Can the executor of an estate set the price of the real estate of the estate?

In New York an Executor can set the price of the real estate of the estate. However the price should be close or at the market value. Oftentimes in New York an Executor must have the sale approved by the Court. The Court will then look to see if the price is reasonable. The Executor will have to submit various documents to support his request to sell the real estate at the price s/he he set (i.e. appraisal, tax assessment, etc.) So, the answer is yes the Executor can set the price, but oftentimes subject to the approval of Surrogate's Court.


Are executor fees taxable in New York state?

They are income for the executor. Yes, they are taxable.


How long does an Executor have to settled an Estate in New York?

In New York, an Executor typically has up to six months to settle an estate. However, this timeframe can vary depending on the complexity of the estate and any unforeseen circumstances. It's generally advisable to consult with an attorney experienced in probate matters to ensure compliance with all legal requirements and to navigate the process efficiently.


What is the Executor's fee from an estate in New York?

The commission rate in New York is fixed. For each Executor (there can be two, if more, they share the same amount as two would get) it goes like this:5% on the first $100,000 in the estate4% on the next $200,0003% on the next $700,0002-1/2 % on the next $4,000,0002% on any amount above $5,000,000The will can state that the executor must waive the fee, but this means that no bank or attorney will serve. It is only recommended if the executor will inherit from the estate.


What is the most common foundation in New York state in real estate?

As per the my point of view Real Estate Board of New York is the most common real estate foundation in New York state.


Is it legal for a lawyer who is not a licensed real estate agent to earn a real estate commission in Minnesota?

In some states it is completely legal for Lawyers to broker deals for which commission is payable. It differs from state to state. In some states a lawyer can simply act as a broker, say New York for example. Lawyers will often request documentation that confirms this role. http://www.thinkpropertiesnyc.com No, I guess, it is not legal for a lawyer who is not a licensed real estate agent to earn a real estate commission in Minnesota.


Can an executor be a witness on a will in New York?

As a rule, the executor of a will in New York can be a witness but in most cases it will void any benefits to the executor.


Are real estate raffles legal in new york?

It may be yes, or it may be no. Real estate raffles can only be legal when they show legal permits for it or has proper supervision of the said activity. It may also be under a real estate firm to conduct such activity for their real estate agents.


How can adult children gain access to a deceased parent's bank and investment accounts in New York?

Unless the person is the executor of the deceased's estate or is a joint account holder then he or she cannot gain access without an order from the state probate court.


How do you change the executor in a will in New York state do you need a lawyer?

An attorney is a good idea but not required. A codicil can be created that changes the executor, but it must meet all the proper requirements.