Estate Problems

[statik3313]

What is the name of your state (only U.S. law)? Texas

My aunt is the executor of my grandfather's estate. My grandfather divided his estate equally between his 2 daughters and each of their sons, so 1/4 th is mine. I have been searching the internet over and over trying to find out what her executor fee, she says it is $22.50 /hr, I have been unable to find anywhere online that gives an exact number most places say 5%, and other places have mentioned that since she is also an heir in the will that I do not even have to give her that, I am just wondering what is correct and what is wrong. I am trying to sell my porition of the estate, my aunt's son, and my mother have both sold their poritions, to her so she owns 3/4ths, and her and I just got into an argument and she kicked me out of the house, now she will not accept my offer, so what do I do?

Thank You in advance for any help.

 

[Dandy Don]

Get a probate attorney to act as a mediator and who can also advise you of your rights with this property. I assure you that the fee is NOT $22.50 per hour. I will look up the information and post it later.

 

[mlane58]

In Texas, if the Will says nothing about a fee, the Executor can automatically charge a 5% fee for certain transactions. If the Will says something else about fees, then the terms of the Will must be followed (even if the resulting fee is less, or is more, than the statutory 5% fee).

 

[anteater]

The statutory compensation in Texas is complicated. The 5% you mention is the upper limit.

Sec. 241. COMPENSATION OF PERSONAL REPRESENTATIVES. (a) Executors, administrators, and temporary administrators shall be entitled to receive a commission of five per cent (5%) on all sums they may actually receive in cash, and the same per cent on all sums they may actually pay out in cash, in the administration of the estate on a finding by the court that the executor or administrator has taken care of and managed the estate in compliance with the standards of this code; provided, no commission shall be allowed for receiving funds belonging to the testator or intestate which were on hand or were held for the testator or intestate at the time of his death in a financial institution or a brokerage firm, including cash or a cash equivalent held in a checking account, savings account, certificate of deposit, or money market account; nor for collecting the proceeds of any life insurance policy; nor for paying out cash to the heirs or legatees as such; provided, further, however, that in no event shall the executor or administrator be entitled in the aggregate to more than five per cent (5%) of the gross fair market value of the estate subject to administration...

However, if the amount derived from that is unreasonably low, the court may allow a higher amount. And the court can deny compensation if warranted:

...If the executor or administrator manages a farm, ranch, factory, or other business of the estate, or if the compensation as calculated above is unreasonably low, the court may allow him reasonable compensation for his services, including unusual effort to collect funds or life insurance. For this purpose, the county court shall have jurisdiction to receive, consider, and act on applications from independent executors. The court may, on application of an interested person or on its own motion, deny a commission allowed by this subsection in whole or in part if:
(1) the court finds that the executor or administrator has not taken care of and managed estate property prudently; or
(2) the executor or administrator has been removed under Section 149C or 222 of this code.

...other places have mentioned that since she is also an heir in the will that I do not even have to give her that,

I would like to know what those "other places" are. Being a beneficiary does not disqualify the executor from receiving compensation for those duties. Also, you don't make the decision. The court does. You can certainly object if you feel that the compensation requested is unreasonable. But, in the end, the judge rules.

I don't know where your aunt came up with that odd figure of $22.50 as an hourly rate. But I would not view something in the $20/hour range as being unreasonable if she keeps honest documentation of hours expended.

If you and your aunt can't arrive at an acceptable price for your ownership share, then you either become a co-owner (and move back in) or you petition the court to sell the property.

 

[trust_id_09]

Statutory Fees for trustee in NY State?

In Texas, if the Will says nothing about a fee, the Executor can automatically charge a 5% fee for certain transactions. If the Will says something else about fees, then the terms of the Will must be followed (even if the resulting fee is less, or is more, than the statutory 5% fee).

Where can I look up the fees set by statute in New york?
I read about the 5% max also. But, to be safe I requested 3% of any Net assets distributed. I think I am being very generous and quite frankly, I deserve the upper limit. But I tried to be fair and avoid any more drama than already exists.

Thanks.

 

[anteater]

You can find them here:

http://law.justia.com/newyork/codes/surrogates-court-procedure/idx_scp0a23.html