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

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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.[/quote]

Independent or not, an executor has the right to be paid. [/quote]

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.[/quote]

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.[/quote]

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

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