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The executor of a will is typically paid at least a nominal fee. Executor fees are mandated by state law unless the decedent specifies in the will how much the executor should be paid. In that ...
A: The executor fee is calculated in many states as a percentage of probate assets, not time spent. Probate assets mean the decedent's assets that pass through the estate and not by beneficiary ...
Even if you die without a will or without naming an executor in your will, someone still has to take charge of managing and closing your estate. The person who assumes this role is typically ...
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
A bill of costs is an itemized list of expenses a prevailing party in a lawsuit or action needs to pay for services procured from a lawyer. [1] It can have varying levels of detail and should describe the nature of the work done by the lawyer for the client, and any other expenses incurred.
An executor will make sure estate taxes are calculated, necessary forms are filed, and the corresponding payments are made. They will also assist the attorney with the estate. Additionally, the executor acts as a legal conveyor who designates where the donations will be sent using the information left in bequests, whether they be sent to ...
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For estates larger than the current federally exempted amount, any estate tax due is paid by the executor, other person responsible for administering the estate, or the person in possession of the decedent's property. That person is also responsible for filing a Form 706 return with the Internal Revenue Service (IRS). In addition, the form must ...
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