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.
In New York State, a life estate expires upon the death of the life tenant. The property will then typically revert back to the remainderman or the owner of the future interest as specified in the life estate arrangement.
16% but I don't know if it is a flat-rate or if it is graduated. What was the rate in 2010?
No, in New York State, you cannot get emancipated at the age of fourteen. The minimum age for emancipation in New York is 16. Emancipation is a legal process that allows a minor to be legally considered an adult before reaching the age of majority.
In New York State, a person is considered a legal adult at age 18. Emancipation is not a common legal process for minors or young adults in the state. At 19 years old, a person would not typically need to pursue emancipation as they are already considered legally independent.
Call the state office that handles professional licensing. Make an anonymous call and just ask for information. They should be able to answer your questions, or send/email requirements and qualifications to you.
Petition the court to be appointed executor. It typically requires the agreement of all the beneficiaries.
Report your suspicions to the Probate Court in which the will is being probated.
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.
They are income for the executor. Yes, they are taxable.
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.
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.
As per the my point of view Real Estate Board of New York is the most common real estate foundation in New York state.
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.
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.
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.
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.
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.