Executor Fees And Responsibilities

Summary

In Pennsylvania, executor fees are typically a percentage of the estates value, not a fixed fee. Executors should start estate administration within a year of the decedents death. Debts can be paid by selling personal items or real estate. To become an executor, file the will and a petition for probate with the Register of Wills. You cant drive a deceased persons car until ownership is transferred. Debts should be paid within a year. Assets include titled property and personal belongings. Inheritance tax applies regardless of marital status. Estates under $50,000 may qualify for simplified probate. Selling assets can start after receiving Letters Testamentary. Assets may need to be sold for various reasons, even without large debts. Consult a local attorney for specific advice.

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Sharpsville Pennsylvania
In Pennsylvania, the executor fee is set by law. It's usually a percentage of the estate's value, typically around *%. However, this is not a fee the executor pays; it's a fee they receive for their services.
I heard that to be legally made the executor that a fee of *$ would be need to get the power to sell the persons assets!
In Pennsylvania, there is no fixed fee to be appointed as an executor. However, there might be costs related to the estate administration, such as probate filing fees, but it varies. Consult a local probate attorney for exact costs.
Is there a time limit of getting everything started done if you are the executor and the only beneficiary
Yes, in Pennsylvania, an executor should ideally begin the estate's administration process within a year of the decedent's death. But complex estates may require more time. It's called the "executor's year".
If the debt of the deceased is *$ does the house also need to be sold to cover the debt or can I sell his personal item to pay the debt
In Pennsylvania, as an executor, you have the discretion to decide how to pay off the decedent's debts. This can be done by:
- Selling the decedent's personal items
- Using cash from the decedent's estate
- Selling real estate, if necessary
You are not required to sell the house unless there are no other assets to cover the debt.
Do you have to file the will at the court to become the legal executor or what do I have to do to show that I am able to sell his personal assets
In Pennsylvania, to become the legal executor:
- File the original will and a petition for probate with the Register of Wills in the county the decedent lived.
- After approval, you'll receive "Letters Testamentary," proving your legal authority to handle the estate.
Remember, always consult a legal professional for accurate information.
If the car is in the deceased person name am I still allowed to drive the vehicle
In Pennsylvania, you generally can't drive a deceased person's car until the vehicle's ownership has been transferred to you. However, there may be exceptions. Consult a local attorney for detailed information.
How long do you have to pay his debts off
In Pennsylvania, the law requires an executor to pay off a decedent's debts within a year of the date of death. This period is often referred to as the "executor's year". However, the process may take longer depending on the complexity of the estate.
So when you are talking about assets do that mean the things that were titled or do they consider the house also an asset
In Pennsylvania, assets can include titled property like cars, houses, and bank accounts, as well as personal belongings. This means a house is indeed considered an asset.
We lived together for 40 years and was never married would I have to pay the inheritance tax on the house and if couldn't afford it then that also would need sold
In Pennsylvania, inheritance tax applies regardless of marital status. Here are the key points:
- The state does impose an inheritance tax on property.
- The rate depends on the relationship to the deceased.
- If you can't afford the tax, you may need to sell the house.
Consult a local tax attorney for more details.
Since the assets are less than 50k would I qualify for small probate court
In Pennsylvania, there's a simplified probate process for small estates. If the gross value of the estate is $*,* or less, excluding real estate not passing to a surviving spouse, you may qualify for this. Please consult a local attorney for detailed information.
So once you file with the will how long does it take to be able to sell his personal assets
In Pennsylvania, you can start selling the decedent's personal assets once you receive the "Letters Testamentary" from the court, which proves your legal authority to handle the estate. This could take few weeks to a few months after filing the will, depending on the court's schedule.
What would be the reason that you would have to sell all the deceased assets if there was not a large debt owed
In Pennsylvania, if there's no large debt, you may still need to liquidate assets if:
- They're specifically directed to be sold in the will.
- You need to distribute the inheritance to multiple beneficiaries.
- The estate needs money for expenses like taxes or executor fees.
Consult an attorney for detailed advice.