Have you been deemed "Executor" and/or Beneficiary of a will and/or trust (for a parent)?

[Anonymous]

I am wondering if PP is trying to play hall monitor and make sure the heirs "pay for" their inheritances? Instead of giving worthy advice?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If executor is shady then petition the court to have them removed and appoint yourself or someone else. Note that if the court appoints an independant party the estate will have to pay them.

Independent or not, an executor has the right to be paid.

Exactly. I was the executor of my parent’s estate. I could have given myself a stipend/salary, but I chose not to. There is a limit (some percentage of estate), but the executor has this right.

I was executor of both my parents' estates plus a couple of trusts. It was a LOT of work. My brother agreed that I should take the full commission allowed by law since I also serve as trustee for his trust with no compensation (which also takes time, requires accounting and filing tax returns, etc.). Our attorney advised that it's more advantageous to not take the executor's commission (taxed as ordinary income), leave those funds in the estate to be divided equally between us, and have my brother make a gift to me in the amount the commission would be net of taxes, so that's what we did. We each got more from the estate proceeds and the net commission to the executor was the same.

I am executor for a single parent's estate. what is the commission allowed by law? how does that work?

Depends on the state. The executor sends a bill and the estate pays it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If executor is shady then petition the court to have them removed and appoint yourself or someone else. Note that if the court appoints an independant party the estate will have to pay them.

Independent or not, an executor has the right to be paid.

Exactly. I was the executor of my parent’s estate. I could have given myself a stipend/salary, but I chose not to. There is a limit (some percentage of estate), but the executor has this right.

I was executor of both my parents' estates plus a couple of trusts. It was a LOT of work. My brother agreed that I should take the full commission allowed by law since I also serve as trustee for his trust with no compensation (which also takes time, requires accounting and filing tax returns, etc.). Our attorney advised that it's more advantageous to not take the executor's commission (taxed as ordinary income), leave those funds in the estate to be divided equally between us, and have my brother make a gift to me in the amount the commission would be net of taxes, so that's what we did. We each got more from the estate proceeds and the net commission to the executor was the same.

I am executor for a single parent's estate. what is the commission allowed by law? how does that work?

Depends on the state. The executor sends a bill and the estate pays it.

What are the limits to how much an executor can charge? Who is usually the executor? The lawyer? Or someone else?

[Anonymous]

My attorney grandfather died in 1971 and we kept all of his files up until two years ago. The attorney who retired should still have the files.

[Anonymous]

Anonymous wrote:My attorney grandfather died in 1971 and we kept all of his files up until two years ago. The attorney who retired should still have the files.

Is he obligated to "hand them over"?

[Anonymous]

Anonymous wrote:What if there is a trust (no probate)? What if the executor is not honest or is greedy? Is the only recourse to sue the executor?

ie: the executor says "dad wanted you to have this (worthless crap that you know dad intentionally did NOT specify)" - because executor is trying to "fulfill" (not really) his duties. If you accept the crap, then find out it is even worse than it is (ex: ripped up or damaged crap), can you return it - so that the executor's duties are NOT fulfilled?

Executor also spent money on strangers, saying "dad wanted this or that" - which again, is clearly not true. Can the executor be deemed not of sound mind (which is likely the case - trying to heal their own wounds which have nothing to do with the estate).

Brother will likely say "there was no money" (there most definitely was) or belongings (again, there most definitely was). Executor kept what he and wife wanted, in spite of what father stated.

Is my only recourse to sue the sibling? I would rather not, for obvious reason.

Ask (then demand) a copy of the will or trust document that specifies who gets what. The Executor or trustee may give it to you to read...then there are no questions as to the distributions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What if there is a trust (no probate)? What if the executor is not honest or is greedy? Is the only recourse to sue the executor?

ie: the executor says "dad wanted you to have this (worthless crap that you know dad intentionally did NOT specify)" - because executor is trying to "fulfill" (not really) his duties. If you accept the crap, then find out it is even worse than it is (ex: ripped up or damaged crap), can you return it - so that the executor's duties are NOT fulfilled?

Executor also spent money on strangers, saying "dad wanted this or that" - which again, is clearly not true. Can the executor be deemed not of sound mind (which is likely the case - trying to heal their own wounds which have nothing to do with the estate).

Brother will likely say "there was no money" (there most definitely was) or belongings (again, there most definitely was). Executor kept what he and wife wanted, in spite of what father stated.

Is my only recourse to sue the sibling? I would rather not, for obvious reason.

Ask (then demand) a copy of the will or trust document that specifies who gets what. The Executor or trustee may give it to you to read...then there are no questions as to the distributions.

Can they say no?