What is the name of your state (only U.S. law)? California
I am currently trying to do a distribution of an all-cash estate of approximately $31k for my first cousin, who died intestate in California. Probate is not required for an estate of this size. I have a couple of questions, if I may:
1. The statutory rate for compensating an executor in California is 4%. I will have to do a lot of detective work to find his cousins on his mother's side of the family (I am from his father's side), as the line of succession falls to them. Do I have to justify taking that compensation, or is that something which I can take on its face value? There are more than 30 beneficiaries to this estate, many of them whom I do not know, nor do I currently know there whereabouts.
2. Am I correct to assume that I can deduct any reasonable expenses so long as I can show receipts and an accounting? In this situation, I'm talking about all of his burial expenses, costs of legal research or consultation, my travel and lodging (car rental, hotel expenses, food and gas while traveling) to go out of state to arrange for and witness his burial (I will be the only family member present).
I apologize if the topic title is misleading - it was part of my original post and I have edited that part out because I have found the answer to that part of the question. Thank you in advance.
I am currently trying to do a distribution of an all-cash estate of approximately $31k for my first cousin, who died intestate in California. Probate is not required for an estate of this size. I have a couple of questions, if I may:
1. The statutory rate for compensating an executor in California is 4%. I will have to do a lot of detective work to find his cousins on his mother's side of the family (I am from his father's side), as the line of succession falls to them. Do I have to justify taking that compensation, or is that something which I can take on its face value? There are more than 30 beneficiaries to this estate, many of them whom I do not know, nor do I currently know there whereabouts.
2. Am I correct to assume that I can deduct any reasonable expenses so long as I can show receipts and an accounting? In this situation, I'm talking about all of his burial expenses, costs of legal research or consultation, my travel and lodging (car rental, hotel expenses, food and gas while traveling) to go out of state to arrange for and witness his burial (I will be the only family member present).
I apologize if the topic title is misleading - it was part of my original post and I have edited that part out because I have found the answer to that part of the question. Thank you in advance.
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