As executor, you're entitled to take a fee from the estate from your services. The decedent may set down a fee in the will. State laws also set fees, often basing them on a percentage of the estate's value. Other states authorize whatever the probate judge considers "reasonable compensati...
However, probate can be a long and expensive process, and some states tax the value of the estate. The executor is generally paid a fee and must jump through many hoops to make sure all potential heirs, beneficiaries and creditors are notified. This is particularly troublesome when the estate...
as this person will ensure that your estate is distributed according to your wishes. If you appoint your spouse as an executor, pick a substitute should the two of you die in an accident.
Once all the decedent’s heirs-at-law and will beneficiaries are located and served with notice of the probate proceeding, and if there are no objections by the heirs-at-law, the will is admitted to probate and the executor named in the will is appointed as the estate’s legal representat...
of the property is), the court will issue a document called the “Letters of Administration” (aka –“Letters of Authority” in some states), stating that Person C is the Personal Representative (aka – Executor) and has the authority to sell this property on behalf of the estate. ...
From April 6 of the new tax year: withdraw your cash and liberally spread it. Repeat as required. This methodbuilds upa large and flexible tax-free shelter. One that could prove valuable later in life, when you have more money to tuck away. ...
it’s a little more complicated. You can’t simply sign your name followed by either ‘Trustee’ or ‘TTEE’ when acting in the name of the trust without providing documents. You need to prove that your predecessor is unable to complete the tasks in the case of death, and also that you...
In this time you can decide how you want to proceed. You can accept the changes which normally does not require any action on your part or you can reject the changes. In most cases, when you reject the changes, at the end of the 45 days you will no longer be able to use your ...
We will make our other son our emergency contact and the executor of our estate when we pass on. I am happy for them for the upcoming birth; however, I don’t really want to babysit that much – been there, done that. I look forward to being less involved in his problems and (if...
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