executor of will question...

[samnsara]

....maybe someone here has gone through this. I am the executor of my dads will. I understand theres a compensation for this. I researched it and seems it can be from 2-10% if I handle the sale of the house..which I am. Anybody go through this or have a handy dandy site I can refer to?

[PJMcK]

1. A few observations

A colleague and I are co-executors of a friend's estate in New York. Each state has its own laws and rules for executors. This handy calculator helped us determine our fees:

http://www.nycprobate.com/executor_fee.html

There may be a similar site for your state.

Keep records and receipts of every transaction. I use a spiral notebook and write down each activity and it's been useful when dealing with lawyers and accountants.

Be transparent! Every action you take could be looked at by your state's attorney general when closing the estate.

Good luck! If I had known how much work this was going to be, I never would have agreed to be an executor!

[samnsara]

6. oh crap and im also exec for my uncles will.. a 90 yr old curmugeon 45 miles away..

...hubby stops by there after work 1-2 times a week to take care of needs.

What the heck do I charge for the numerous trips to town to sign ONE paper for the house of my parents Im selling? The going govnt rate for mileage but what abt the time? Im thinking 20$ each trip. We are having many nibbles but they back out so paper work signed and re signed.

My realtor-i hope-has record of all the times i drove in. Its nearly 20 miles rt every time...and I'm keeping track of it and have been keeping record for the most part..my two sisters are evil and they are going to go through everything just to find a mistake I made.


ugh... thank you all for your help... got lots of ideas now!

[PJMcK]

12. Your welcome and one last thought

It has been essential for my situation to have a good lawyer. They make sure that you won't make a mistake that your sisters can manipulate.

Good luck!

[samnsara]

14. wow that was a LOT of help! especially thr part :

....'You should be aware that fees received by you as executor or administrator are taxable to you as income. On the other hand, funds received by you as a beneficiary are not considered taxable income. Thus, before accepting any compensation, you should discuss the issue with your tax advisor'.

I need to look into Wash State now..

[livetohike]

2. Going through this now with my Mom's estate. I'm in PA and yes you

can take a fee here. I didn’t and I think it was just 1%. We also had to pay an inheritance tax here, so that came out of the estate account.

Keep good records of every penny spent and keep receipts

We went through an attorney (expensive), but it is peace of mind for me that things are done right. The inheritance tax form was completed by her office and all other legal documents. This state is a pain.

My Mom’s house is on the market now (for one month). We remodeled it ourselves. I’ll be glad when this is over and I hope to never have to do this again!

Good luck with everything and I’m sorry for your loss.

[samnsara]

7. thank you.. after this is over i still have my uncles estate to deal with...

...hes still alive so this is practice i guess. I read over the wills and paperwork my parents kept from when they were executors and co -executors and they all forfeited I (in writing) the compensation. But my two sisters have caused me so much grief I'm taking every bit of compensations due me!

[Jarqui]

3. It varies as your range indicates

Have you made sure the will doesn't say something about this?

If you fear you could get challenged (or even if you doubt it), keep track of your time and expenses.

Depending some on the size of the estate, Id say 2-6% is more common in general.

Check with local laws on the rates for those who died intestate (without a will)

[samnsara]

8. the estate is less than $300,000 and one of my sisters abscounded about 15K in cash dad kept..

..when we inquired about it they said it was put into dads bank acct.( theres no record of that deposit) One sis was living with dad and then she admitted him into a NH where he died about 2 weeks later...so when she moved dad out that $$ went with them..to where? I feel I can hold this whole thing up until they give me answers. I dont need the $$ but they do.

[Jarqui]

11. You can sweat them out

Where is the deposit receipt? Where did the money go? Maybe they should show their records for loan repayment, mortgage, bank deposits, bill payments, etc

You do not have to settle the estate until you are satisfied.

You should probably make sure he was clear of all taxes and can buy some time that way - while the authorities certify it.

All your efforts should be charged to the estate so that you are compensated for your time and expense. That includes your post to seek advice and your time thinking and hand-wringing over what to do.

I'm dealing with a sister who absconded with $650,000 and blew it all. I also just settled with my late friend's son who sued his estate (he lost big time). Look on the bright side, it could be worse. It's a painful/hurtful/stressful thing though.

[Canoe52]

4. We put in our wills that the executor gets a set dollar amount

for their time. We put a figure of around 2%.

[samnsara]

9. I think Ive seen that in line.. I will go thru their wills with a fine tooth comb..

[Hoyt]

5. I think it really comes down to whether there are creditors or heirs who question whether

you took too much, leaving them with less than they feel entitled to. Then, if contested, you have to come up with the accounting and are limited to the statutory rates in your area.

If you are handling an estate where that is likely/possible, I'd at least speak to a knowledgeable attorney before going too far. The attorney's fees can come off the top if that's the case.

Good luck.

[samnsara]

10. yes I gree. we have will attny and Im sure he can answer some questions...

..except every time i go in there i become nauseous..something about lawyers offices!!! And OH YES the two evil sisters will definitely go over this and Im making sure everything is in order

[samnsara]

13. well hell this is for NY state..will have to research for WA state...

....but makes me have to rethink.

'You should be aware that fees received by you as executor or administrator are taxable to you as income. On the other hand, funds received by you as a beneficiary are not considered taxable income. Thus, before accepting any compensation, you should discuss the issue with your tax advisor.'