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D

delneco

Junior Member
What is the name of your state? Kentucky


What do we pay the Executor? He has allot to do.

When can we put the house on the Market? :confused:

When can we settle the entire estate?

Ex. is lending the estate money to pay current bills and old bills to stop the late fees - what 5 rate should we give him on the money he has, will lend to the estate?

Lots of unfinished buisness to get tied up.

:eek:What is the name of your state?
 


A

anteater

Senior Member
What do we pay the Executor? He has allot to do.
Click to expand...
You don't pay the executor. The estate does, subject to the court's approval.

395.150 Compensation of representatives.
(1) The compensation of an executor, administrator or curator, for services as such,
shall not exceed five percent (5%) of the value of the personal estate of the
decedent, plus five percent (5%) of the income collected by the executor,
administrator or curator for the estate.

(2) Upon proof submitted showing that an executor, administrator or curator has
performed additional services in the administration of the decedent's estate, the
court may allow to the executor, administrator or curator such additional
compensation as would be fair and reasonable for the additional services rendered,
if the additional services were:

(a) Unusual or extraordinary and not normally incident to the administration of a
decedent's estate; or
(b) Performed in connection with real estate or with estate and inheritance taxes
claimed against property that is not a part of the decedent's estate but is
included in the decedent's estate for the purpose of asserting such taxes.
Click to expand...
When can we put the house on the Market?
Click to expand...
If it is to be sold, the executor can put it on the market as soon as the court appoints him, giving him the authority to do so.

When can we settle the entire estate?
Click to expand...
The executor settles the estate. Once any tax returns are prepared and filed, all of the deceased's legitimate creditors are paid, and remaining assets are distributed.

Ex. is lending the estate money to pay current bills and old bills to stop the late fees - what 5 rate should we give him on the money he has, will lend to the estate?
Click to expand...
Seniorjudge asnswered this question a month ago. Re-read it.
 
E

executrix405

Junior Member
follow-up question for anteater

I have recently been named an executrix for an estate in Kentucky. The decedent had some mineral rights in Texas. According to her will, all of her property was left to her 4 granddaughters only. However, because of a technicality in Texas law, these mineral rights were left to her son, who was left out of the will (my lawyer has researched this).

My question - should my fee be a % of what is left to the granddaughters only or does it include what was left to the son as well? Just asking for a 2nd opinion on this.

Thanks
 
M

msiron

Member
executrix405 said:
I have recently been named an executrix for an estate in Kentucky. The decedent had some mineral rights in Texas. According to her will, all of her property was left to her 4 granddaughters only. However, because of a technicality in Texas law, these mineral rights were left to her son, who was left out of the will (my lawyer has researched this).

My question - should my fee be a % of what is left to the granddaughters only or does it include what was left to the son as well? Just asking for a 2nd opinion on this.

Thanks
Click to expand...
START your own thread, don't hijack someone else's.
 
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