Hiring of professionals as executor of a will
2 weeks ago
A professional executor actually appointed for execution of will after testator's death needs to be paid from the date of mentioning the name as an executor in the will ??? Does payment to executor starts only after the death of teststor of will.???
A.Dear Client,
The will can be executed only after the death of the testator in favor of his/her heirs. The testator may himself appoint a executor and mention the payment fee to distribute the property and its proceeds among the heirs. In absence of it, the Court may appoint an executor for the same. Further, the executor is entitled to the payment with respect to the duties discharged by him in accordance with the terms of the will. This payment fee can be determined by the probate judge. It can be paid from the assets of the estate or can be in the form of a percentage of the estate's value, a commission on the transactions involved in settling the estate, as an hourly rate, or a flat fee. This amount is paid in order to compensate the executor for his time, effort, and expertise in managing the estate and its proceeds.
Hope this helps.
Thank you.
The will can be executed only after the death of the testator in favor of his/her heirs. The testator may himself appoint a executor and mention the payment fee to distribute the property and its proceeds among the heirs. In absence of it, the Court may appoint an executor for the same. Further, the executor is entitled to the payment with respect to the duties discharged by him in accordance with the terms of the will. This payment fee can be determined by the probate judge. It can be paid from the assets of the estate or can be in the form of a percentage of the estate's value, a commission on the transactions involved in settling the estate, as an hourly rate, or a flat fee. This amount is paid in order to compensate the executor for his time, effort, and expertise in managing the estate and its proceeds.
Hope this helps.
Thank you.
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A.Dear Client,
Appointing a professional executor of a will can also help avoid problems if family members are unhappy with the terms or an appointed executor dies. A professional executor's responsibility is to act objectively in line with the testator's wishes. The Karnataka High Court has held that probate can be granted on a plea made by the beneficiary named in a will, in case no executor had been named. in the will. An executor can always appoint professionals at the time to help them if they need it. The professional fees to the professional executor are payable after the death of the testator as a professional executor required to handle all aspects of probate after the death of the testator.
Appointing a professional executor of a will can also help avoid problems if family members are unhappy with the terms or an appointed executor dies. A professional executor's responsibility is to act objectively in line with the testator's wishes. The Karnataka High Court has held that probate can be granted on a plea made by the beneficiary named in a will, in case no executor had been named. in the will. An executor can always appoint professionals at the time to help them if they need it. The professional fees to the professional executor are payable after the death of the testator as a professional executor required to handle all aspects of probate after the death of the testator.
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A.Dear Sir,
Yes, the payment to the executor starts only after the death of testator of the Will and not earlier to it.
Yes, the payment to the executor starts only after the death of testator of the Will and not earlier to it.
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