Is it reasonable for brother to be executor of estate?
Is it reasonable for brother to be executor of estate?
However, no one wanted it. You don’t want to be in the same boat (or condo, in this case). Your brother has managed your mother’s estate for two years and — given the time and stress involved in managing a person’s estate — particularly when family is involved, $20,000 is probably not unreasonable. It’s a thankless job, except for the remuneration.
Can a sole heir receive nothing from the estate?
The obligations of the executor remain the same and the estate must go through probate, with the process overseen by the probate court. Again, if the estate owes creditors more than the value of the estate, the sole heir will receive nothing from the estate even though he or she also acts as the executor.
Who is the executor of my mother’s estate?
The estate included her home. It was paid in full, but a mortgage was opened a few months before she died to pay for home health care expenses, farm property, a time share and personal belongings There are four children and one was designated the estate executor. The bulk of the estate has been settled to everyone’s relief.
What can I do if my sister who is executor is being deceitful?
What can I do if my sister who is executor is being deceitful? My mother passed away 6 months ago and put both my sister and myself as executor to her estate. Being that I live in another state I relinquished my executor role and let her and her husband be sole executor.
What was the executor fee for my parents estate?
We also discovered from the letter that my brother took an executor fee of $20,000. The entire estate, once settled, will be about $600,000. My question is regarding the executor fee. Is that a standard practice? How do you determine the amount? I don’t dispute my brother worked very hard to settle my parents’ affairs.
Is it legal for my brother to live in my house?
All siblings have agreed he can stay in the property for the time being having made it clear that he has to find another property. As the executor how can we make this legal without losing our individual share of the estate?
Who is the executor of my mother’s will?
My mother died in August 2012 . She named my older brother as the Executor of her will . In her will she has stated that both my brother and I own her house . My brother listed the house , accepted an offer on the house for a quick sale and the closing is set for March 15 , 2013 all without my consent .
Why is my brother’s estate still not settled?
My brother, the estate executor, hired a lawyer to navigate the process. The estate is still not completely settled 18 months later because of two factors: The time share — a last-minute revelation by the attorney — was not included in the trust and needs to go through probate court. Each of us sent a release of any interest in the time share.
Can a sister remove an executor of a mother’s will?
Given what you say, there may be grounds to remove her as executor of your mother’s will or, at the very least, force her to comply with her fiduciary duties. The time to act is now, and not in six months from now when she has plundered your mother’s estate and supplanted your mother’s wishes with her own.
Can a brother have access to a will?
Until probate has been granted, only the executor – in this case, your brother – has the legal right of access to the will. And if there has been a family split, it is, of course, entirely possible if not necessarily advisable that the executor can decide they do not wish to grant access to the document.
Who are the executors of my mother’s estate?
Prior to her death in July 2011 an LPA was put in place giving power to a brother and sister who live near my mother. Myself and another sister who do not get on with them and live further away were excluded without consultation. Brother also has a signatory ability on my Mothers bank account………Fine, I understood the need at the time.
How much should I pay my brother to manage my mother’s estate?
Your brother has managed your mother’s estate for two years and — given the time and stress involved in managing a person’s estate — particularly when family is involved, $20,000 is probably not unreasonable. It’s a thankless job, except for the remuneration.
My sister is the executor of our mother’s will. What can I do about making sure the probate process is completed? Do my brother and I have to sue her for not carrying out her duty as Power of Attorney in the probate process? My sister is the executor of my mother’s will and was POA.
Can a joint executor get a grant of probate?
The Executors may be required to obtain a Grant of Probate from the Court. If one of the Executors has a compelling reason why the other should not be acting in the Estate administration, this should be raised with the Court, and, if disputed, can ultimately lead to lengthy and costly litigation proceedings.
Why was there no settlement on my Brother’s Estate?
The second reason the estate was not settled: $100,000 ($25,000 per child) was held back until my brother and sister and I “released” the executor (my other brother) from any future claims and/or contests against him or the estate.
What’s the job of the executor of a mother’s estate?
A: As the executor of the estate, your job is to settle your mother’s financial affairs and divide her assets among her heirs in accordance with the will. It’s not your job to pay your siblings if the estate is ultimately not as valuable as you think. But you are expected to make prudent decisions about how you liquidate it.
What can an executor do to a beneficiary?
As an executor, you have a fiduciary duty to the beneficiaries of the estate. That means you must manage the estate as if it were your own, taking care with the assets. So an executor can’t do anything that intentionally harms the interests of the beneficiaries.
Who are the co-executors of my father’s estate?
The deceased died on May 29, 2008 naming his four children as co-executors of his estate. All of the children, Onofrio, Anna, Maddalena and Domenic were entitled to share equally in the estate.
Can a will have more than 2 executors?
I would advise my clients that naming any more than 2 or 3 executors was a recipe for disaster as all executors must act unanimously. The problem can be avoided if the Will provides for a majority rule clause that provides a majority of executors can make decisions on behalf of the estate.
Can a sister be the executor of an estate?
In the case of an estate, the primary job of the executor is to identify all of your mother’s assets, ascribe a value to them and carry out the provisions of the will (if there is one or, if not, then the specific state intestacy laws). If there is no will, your sister would be known as an administrator rather than an executor.
Why did my sister take over my mother’s estate?
Your sister appears to have overstepped her role as executor, and views it as a free license to do as she pleases, and lord it over the rest of you. She is beholden to the laws of her state where your mother died, and must act accordingly.
When did my mother leave the property to my brothers?
Q When my mother passed away in 2012, she left her property to me and my three brothers – the deeds have been changed accordingly. One of my brothers has lived in the property for around 25 years.
How does an executor of a mother’s Estate Act?
She is beholden to the laws of her state where your mother died, and must act accordingly. An executor must always fulfill his/her “fiduciary duty,” which essentially puts the onus on the fiduciary to place the interests of other interested parties (that is, you and your siblings) ahead of their own.
Why do brothers and sisters fight over estate?
A parent’s passing is the ultimate test of any tension brothers and sisters think they’ve overcome. With the reflection triggered by grief comes memories of bygone odds that were never evened. As a result, the settlement of an estate can unfortunately become a battleground for the settlement of old scores. Avoid it by…
However, no one wanted it. You don’t want to be in the same boat (or condo, in this case). Your brother has managed your mother’s estate for two years and — given the time and stress involved in managing a person’s estate — particularly when family is involved, $20,000 is probably not unreasonable. It’s a thankless job, except for the remuneration.
Who is the executor and trustee of my fathers estate?
My brother has been appointed trustee/executor of my fathers trust/estate. My father had a large estate of cars, antique guns, planes, property etc. It appears that my brother just plans on taking whatever he wants and not discussing with me or my other brother.
What should I do about my brother’s estate?
Under the law, your brother has various duties and obligations regarding the trust and the estate. However, if nobody is watching his actions, then he will likely do what he wants and it could be very difficult to undo much of that. An attorney can take steps, including primarily filing proper petitions in court, to help…
We also discovered from the letter that my brother took an executor fee of $20,000. The entire estate, once settled, will be about $600,000. My question is regarding the executor fee. Is that a standard practice? How do you determine the amount? I don’t dispute my brother worked very hard to settle my parents’ affairs.
Given what you say, there may be grounds to remove her as executor of your mother’s will or, at the very least, force her to comply with her fiduciary duties. The time to act is now, and not in six months from now when she has plundered your mother’s estate and supplanted your mother’s wishes with her own.