Is it fair for heirs to have equal inheritance?
While equal is certainly a simple default, it may not be appropriate or fair for heirs of varying need. But exploring what might be fair once the default approach of equality is varied can be a challenging and emotional discussion for many clients. Example: Parents have an estate of $3 million and three children.
What was the executor fee for my parents estate?
We also discovered from the letter that my brother took an executor fee of $20,000. The entire estate, once settled, will be about $600,000. My question is regarding the executor fee. Is that a standard practice? How do you determine the amount? I don’t dispute my brother worked very hard to settle my parents’ affairs.
Is it bad to receive an inheritance from a family member?
Receiving a family inheritance can be bittersweet. While you’re receiving money, you’re losing a loved one who cared enough about you to include you in their will. Because receiving an inheritance can come with such a flood of contradictory emotions, it can also lead to expensive missteps.
How can heirs prevent bad ideas in inheritance?
“People love the idea of profiting from real estate, and estates are no different. [For example,] heirs often make unrealistic ‘offers’ to buy estate property below market price or demand that estate funds be used to renovate to increase the sale price,” said Park. “How can the other heirs prevent these bad ideas?
While equal is certainly a simple default, it may not be appropriate or fair for heirs of varying need. But exploring what might be fair once the default approach of equality is varied can be a challenging and emotional discussion for many clients. Example: Parents have an estate of $3 million and three children.
We also discovered from the letter that my brother took an executor fee of $20,000. The entire estate, once settled, will be about $600,000. My question is regarding the executor fee. Is that a standard practice? How do you determine the amount? I don’t dispute my brother worked very hard to settle my parents’ affairs.
What happens when a family member inherits a house?
When family members inherit a property, they can usually just assume the mortgage payments instead.
Can a court remove an executor from an inheritance?
The court can also remove the executor or prevent the executor from receiving a fee. Also, remember that you have the right to go to the police if you believe that the executor is stealing or breaking the law in some other way. Executor Withholding Inheritance Is an executor withholding your inheritance?