Is this correct? The reason I ask is that after my mother passed away my brother (naughty naughty) tried to get my fathers will changed (my father is alive but senile) to make it look as if he was the named executor instead of me. He didn't change the terms of the will which split the equity equally between us so seemingly has nothing to gain from this, or has he??? It was (is) a mystery why he did this. Then the other day on the radio I heard that the executor can charge up to 40% of the estates value as a fee - is this correct? If so now I know why he pulled this stunt and why he's sitting there waiting for my dad to pass away! Hope someone can help clarify this.
2007-12-03 04:52:06 · 11 answers · asked by Pete N 2 in Politics & Government ➔ Law & Ethics
i don't know, good luck though.
2007-12-03 04:55:23 · answer #1 · answered by dawn666annapolis 6 · 0⤊ 6⤋
Well....it varies from state to state as to the amount. But generally, yes, the executor can be paid a REASONABLE fee for for his work. The court decides what reasonable is, and in most states there are rules governing this. On top of which, the attorney (who, as a practical matter, does all the work) gets a fee also (also governed by state law or case law). This is probably where the 40% fee came up. In large, contentious will contests, the attorney will be awarded a hefty fee to cover all the work.
As a general rule, attorneys do all the work, explain it to the executor and have the executors sign the docs. There isn't much an executor can expect to get out of that.
Now, if your bro is an attorney and want to do both the executor work and attorney work, he'll probably be prevented from doing so under conflict of interest rules, but you gotta check with the state bar.
** Note: This is a general discussion of the subject matter of your question and not legal advice. Local laws or your particular situation may change the general rules. For a specific answer to your question you should consult legal counsel with whom you can discuss all the facts of your case. **
2007-12-03 05:01:23 · answer #2 · answered by scottclear 6 · 2⤊ 2⤋
IF the executor spends hours settling the estate (tracking down and paying bills, preparing the house for sale, planning the funeral) AND wants to be compensated for his time, he could end up with 'fees'.
Think about an executor who is an 'employee' of the deceased (because his spouse or children can't or won't follow his wishes for a specific service, make charitable donations, whatever). That 'employee' would be reimbursed for his time in handling matters. If the estate is small to start with, or has lots of complications (or debt), then the executors fees could eat up a chunk of what is left.
If you are concerned about what your brother 'might' do with power of executor -- you should probably discuss it BEFORE your dad passes away. If your father is senile, one of you should already be named power-of-attorney, to manage his bills and business.
2007-12-03 05:02:10 · answer #3 · answered by Sue 5 · 0⤊ 0⤋
Yes, in most states the Executor can pay themselves. Being an Executor is a lot of work and this is the reason they have this provision. In most cases, if the Executor is a family member - they don't take any money, but technically still can. For example, when my mom died, my uncle was Executor. He could have paid himself, but didn't. If your brother succeeds in getting your father's will changed, you could challenge it on the grounds that your father was not mentally competent at the time he signed the papers - or get Power of Attorney now for matters dealing with your father's affairs.
2007-12-03 04:59:31 · answer #4 · answered by kiddkosmic 4 · 1⤊ 1⤋
Depends on what state you live in as laws vary by state. But to answer your question, yes the executor of a will can charge fees to the estate for his/her services. But the laws are fairly strict as to what can be considered a "service" and the fees in my state are certainly MUCH lower than 40%.
2007-12-03 04:56:32 · answer #5 · answered by kja63 7 · 2⤊ 0⤋
Check with your state, but he has to JUSTIFY his charges. Family members can go to the judge and state that he is fleecing the estate. If you know which lawyer that he went to for drawing up the will in the first place, you can ask about this.
I was executor for 3 estates (sole beneficiary for one). I could charge up to 10%. Anything over that would require judge's approval. I only charged estates for phone calls and wages lost for one day in court.
2007-12-03 04:59:43 · answer #6 · answered by CarbonDated 7 · 1⤊ 0⤋
Fees alowed are set by the specific state; that does sound high. Call the probate court and ask them.
2007-12-03 04:58:34 · answer #7 · answered by wizjp 7 · 2⤊ 0⤋
Yes..if money or items are left AFTER the death of the person the government can take a large portion. Thats why it is always best to will your money and your goods while you are still living that way you are not charged.
2007-12-03 04:56:09 · answer #8 · answered by Anonymous · 0⤊ 4⤋
not sure, perhaps best to get some proper legal advice... but if it is true, your brothers not a very nice person is he...?
2007-12-03 04:55:29 · answer #9 · answered by Anonymous · 0⤊ 2⤋
Sounds like someone else is waiting like a vulture too.
2007-12-03 04:56:07 · answer #10 · answered by Phil McCracken 5 · 0⤊ 4⤋
wowwww thats messed up lol.
2007-12-03 04:55:32 · answer #11 · answered by Anonymous · 0⤊ 4⤋