What is an administratrix of an estate?
An administatrix is a woman appointed by the probate court to manage the assets and liabilities of a person who dies without a will or without naming an executor. Administratrix means a female administrator.
Who is the executor of my mother’s estate?
Ask a lawyer – it’s free! Currently, as long as the property was your mother’s, her estate owns the property, not you. As executor, you are the one with the authority to make all of the decisions with regard to the property, but you do owe a fiduciary duty to the heirs (presumably, to you and to your sister)to maximize its value.
Is it reasonable for brother to be executor of estate?
However, no one wanted it. You don’t want to be in the same boat (or condo, in this case). Your brother has managed your mother’s estate for two years and — given the time and stress involved in managing a person’s estate — particularly when family is involved, $20,000 is probably not unreasonable. It’s a thankless job, except for the remuneration.
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.
What happens if you are the executor of a will in Massachusetts?
If there was a will, and your statement that you are the executor would indicate that there IS a will, then who is entitled to the house depends upon what the will says. In Massachusetts, title to real property vests in the beneficiaries per the will, or the heirs-at-law if no will, at the death of the prior owner, subject, however, to the right…
Ask a lawyer – it’s free! Currently, as long as the property was your mother’s, her estate owns the property, not you. As executor, you are the one with the authority to make all of the decisions with regard to the property, but you do owe a fiduciary duty to the heirs (presumably, to you and to your sister)to maximize its value.
What can an executor do to a beneficiary?
As an executor, you have a fiduciary duty to the beneficiaries of the estate. That means you must manage the estate as if it were your own, taking care with the assets. So an executor can’t do anything that intentionally harms the interests of the beneficiaries.
Can a probate court appoint an executor of an estate?
If you wish to serve as executor in one of these cases, you can file a petition for administration in the appropriate probate court. The probate court can appoint its own executor for the estate – what’s known as an administrator. To appoint administrators, most probate courts have what’s called a priority of appointment.
How can beneficiaries protect themselves against Shady executors?
They have to keep you informed. Estate beneficiaries can take an active role by questioning executors. Beneficiaries can’t insist on any distribution until the will has been probated. Creditors and income tax bills are paid first. You usually should expect an estate distribution within a year of a person’s death.