The executor is entitled to compensation for their time and effort. The court will approve the payment at the going rate.
Ontario Highway 17 connects Terrace Bay, Ontario with Wawa, Ontario.
Lake Ontario.
Ontario is a province in Canada.
Lake Ontario is bordered by both Ontario Canada and New York State. Lake Ontario is one of the 5 Great Lakes (Lake Ontario, Lake Huron, Lake Erie, Lake Michigan and Lake Superior)
Ontario is a province, not a city. Ottawa is the capital of Canada, which is located in southern Ontario.
They have the right to challenge the will and executor as possible beneficiaries.
A will does not have to be read in a formal procedure. The executor is the only one that has to read a will.
There is a bit of a cross up in terminology here. A power of attorney expires on the death of the grantor or subject. An executor would get an estate fee.
An estate executor is a person who executes a deceased person's will and disposes off his estate as per the guidelines of the will. He has many duties and Ontario law allows an executor to charge for his services. The amount of fees depends on the magnitude of the estate and extent of duties to be performed by the executor. Generally fee is charged according to the following guidelines. 1. 2.5 percent of the total value of capital receipts of the Estate, 2. 2.5 percent of the total capital disbursements of the Estate, 3. 2.5 percent of the total revenue receipts of the Estate, 4. 2.5 percent of the total of revenue disbursements of the Estate or 5. Annual fee of 2/5 of 1 percent of the average annual market value of the capital of the Estate.
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This response may not apply to your country, state or province but here is a response from my experience in Ontario, Canada.............. Certain criteria have been applied in many cases when fixing the compensation of Executors. # magnitude of the Estate; # care, responsibility and risks assumed by the Executor; # time spent by the Executor in carrying out his or her responsibilities; # skill and ability required and displayed by the Executor; and # results obtained and degree of success associated with the efforts of the Executor. Although the above factors provide some guidance in terms of what criteria should govern the calculation of Executor's fees, they do not provide a clear method for arriving at a value for the Executor's compensation. Hence, in an effort to develop some consistency and predictability in the determination of Executor's compensation, a court recognized guideline has evolved. It must be recognized that this is only a guideline and is subject to increase or decrease in appropriate circumstances and may also be disregarded altogether in favour of another approach. The guideline applies percentages to various categories of the Estate receipts and payments and is expressed as follows: * 2 ½ % of the total value of capital receipts of the Estate * 2 ½ % of the total capital disbursements of the Estate * 2 ½ % of the total revenue receipts of the Estate * 2 ½ % of the total of revenue disbursements of the Estate * Annual fee of 2/5 of 1% of the average annual market value of the capital of the Estate Despite the guidelines, courts still require evidence to justify the quantum of compensation claimed by the Executor. This evidence can include time dockets or estimated time logs. In a number of cases, courts have awarded an additional allowance to the Executor where the administration of the Estate was made more difficult than usual by reason of conflicting interests among the beneficiaries; where the Estate has involved the management and operation of a company; or where litigation was initiated by the Executor on behalf of the Estate. On the other hand, courts have reduced the Executor's compensation from the guideline amount in cases where a large Estate which nonetheless was simple to administer was involved or where specific assets were being transferred.
The Province of Ontario was named after Lake Ontario.
Toronto is located on the shore of Lake Ontario, one of the Great Lakes.
Ontario Highway 7 connects Ottawa, Ontario with Perth, Ontario.
Ontario Highway 417 connects Ottawa, Ontario with Petawawa, Ontario.
Ontario
what is Ontario's culture