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You are not allowed to charge by the hour. Each state sets the compensation for executors as a percentage of the estate. Check your particular state's laws to see how to calculate your compensation.
Wiki User
∙ 14y ago
Wiki User
∙ 13y agoGenerally, executor's fees are set by state statute. Depending on the complexity of the estate and whether there were other heirs who did not participate in the tasks associated with settling the estate, you can charge the statutory rate, a reduced hourly rate for your time, or you can decide to volunteer your services. You should be reimbursed for any associated costs and filing fees.
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Can an executer cheat the beneficiary of the estate?
Of course not. If the beneficiary has reason to believe the executor is mishandling the estate they should complain to the court that appointed the executor immediately and ask the court to review the situation.
How can you find someones will?
If the will was filed with the court and you believe you may be a beneficiary of the estate, you should contact the Probate Court. If you know who the executor of the estate is, you can contact him or her and ask for a copy of the will.
What happens in Texas when the executor of will was convicted for a felony?
This question begs another question of why was the person appointed in the first place. Perhaps they have since been convicted but that implies that the estate has been uncompleted for a long time. In any case, some other interested party should petition to have the executor removed and a new executor appointed. This situation should be handled by the attorney who is representing the estate.
Can your mother who has no will and five children choose to have her second oldest child as her executor to distribute her estate?
Without a will, she gets no say in the matter. She should write a will to specify who she wishes to be responsible for the distribution. If she doesn't have a will, the court will appoint an executor. If the heirs don't agree on who that should be, they will appoint a bank or lawyer to serve in the position, getting paid from the estate for their services.
How long does an executor have to distribute a will?
The distribution shouldn't be made until the statutory period during which creditors can make a claim has expired. An executor must act efficiently and expeditiously in settling an estate. If you think things are not proceeding as quickly as they should then ask the executor and/or the attorney who is handling the estate for a status report. If you don't receive a prompt response then complain to the court. Depending on the complexity of the estate it can take a few months to two years or more to complete the probate proceeding.
Can an executor charge rent to an heir that has lived in the property for 19 years and was the caregiver of the deceased?
The executor of the estate is responsible for the estate. Use of the estate property is an asset and they should pay rent.
Should sibling who is executor and is inheriting estate residual be able to get executor fees from other sibling who is inheriting most of estate in real estate?
Yes. There is a lot of work and responsibility involved in being the executor of an estate. The one sibling/beneficiary who is appointed should not be reqired to work for the other beneficiary for free. In some cases the executor may not charge the statutory fee, however, they should not be expected to work for free. The executor fee should be paid from the estate. If one of two sibling is inheriting real estate then they should make a cash contribution equal to one-half of the executor's fee.
How should you choose an executor for your will?
Select an executor for your will based on trust and relationship. A family member can execute the estate or you can choose two people to be co-executors. Lawyers can do it but they will likely charge the estate a percentage.
what happens when someone dies and his estate never goes through probate and then the executor of his estate dies ?
You should seek official legal advice, but the online consensus seems to be that the 2nd person in line to be executor becomes in charge of the estate.
When a person with a reverse mortgage dies can the executor give the house to the reverse mortgage company?
The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.
Does the executor fee continue as long as the estate has property?
Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.
Does the Executor answer to the beneficiaries?
The executor should operate in the estate's best interests.
Who pays taxes on estate that is controlled by the executor?
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
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.
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.
Can a co-executor delay distribution of funds indefinitely?
No. They are required by law to settle an estate with expediency. If the executor, or co-executor, is delaying the distribution for no apparent reason they should be reported to the court. They can be replaced.No. They are required by law to settle an estate with expediency. If the executor, or co-executor, is delaying the distribution for no apparent reason they should be reported to the court. They can be replaced.No. They are required by law to settle an estate with expediency. If the executor, or co-executor, is delaying the distribution for no apparent reason they should be reported to the court. They can be replaced.No. They are required by law to settle an estate with expediency. If the executor, or co-executor, is delaying the distribution for no apparent reason they should be reported to the court. They can be replaced.
Can you transfer a property that is willed to you in NY State without putting property in your name?
You may be able to have the executor transfer the property directly from the estate with your consent. You should speak with the attorney who is handling the estate.You may be able to have the executor transfer the property directly from the estate with your consent. You should speak with the attorney who is handling the estate.You may be able to have the executor transfer the property directly from the estate with your consent. You should speak with the attorney who is handling the estate.You may be able to have the executor transfer the property directly from the estate with your consent. You should speak with the attorney who is handling the estate.
