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What Is An
"Executor of Will"?
Your executor is the personal representative you appoint who is responsible for distributing your estate (property, assets,possessions) to your beneficiaries and heirs according to the wishes outlined in your will.
Why you need one. What are the duties, costs of an executor? How much can an executor charge the estate? Can the executor hire a lawyer to assist with probate?
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How Much Can An Executor
Charge the Estate?
How are executor fees calculated? Generally, the executor is entitled to about 5% of the estate's value, plus an ongoing management fee of 2/5 of 1% of the average annual value of the estate assets during the settlement process.
WHAT IS AN
EXECUTOR OF WILL?
Why you need one. What are duties, costs?
You will designate your executor of will who is required to probate a will and living trust, often with a probate lawyer, and to distribute your assets to your beneficiaries and heirs exactly as you stated in your will using your power of attorney to act a trustee of your will and estate
y you need to appoint an Executor of your estate and last will to administer your wishes in terms of how the estate will be divided among your heirs
The executor is the person you designate to gather up your estate assets, pay the deceased’s debts, and divides what remains of the deceased’s estate among your beneficiaries.
The beneficiaries are the people you named in the will to inherit your estate.
You need to appoint an executor or the court will appoint one for you.
The executor has virtually complete control over your estate and must follow the provincial laws to the letter, regardless of any problems that may cause. If you had made a proper will, the executor would be bound to follow your wishes. Without a will, the executor is bound by the law.
An Executor (also called a personal representative) is the person that you, as the maker of your will, have designated to administer your wishes in terms of how the estate will be divided.
You may have more than one executor, and you should have an alternate personal representative should anything keep your first choice from being able to carry out your last wishes or estate plans.
As trustee your executor will probate your estate planning will with a power of attorney
You will designate your executor of will who is required to probate a will or living trust, often with a probate lawyer, and to distribute your assets to your beneficiaries and heirs exactly as you stated in your estate planning will using your power of attorney to act a trustee of your will and estate
WHAT IS AN EXECUTOR OF WILL? Why you need one. What are duties, costs?
Why you need one. What are the duties, costs of an executor? How Much Can An Executor Charge the Estate? Can the executor hire a lawyer to assist with probate?