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Executors can be held liable for financial mistakes, including failing to pay taxes or debts. Its essential to consult with professionals such as attorneys or accountants to avoid errors and ensure proper handling of the estate.
An executor oversees the administration of the deceased persons estate. This includes identifying and collecting all assets, such as bank accounts, real estate, and personal property, and determining their value. Executors manage the estates assets until they are ready to be distributed to the beneficiaries.
An executor of a will cannot take everything unless they are the wills sole beneficiary. An executor is a fiduciary to the estate beneficiaries, not necessarily a beneficiary. Serving as an executor only entitles someone to receive an executor fee.
One common approach in Mississippi is to base executor compensation as a percentage of the gross estate value (before considering debts, but not including assets that the executor doesnt actually manage, such IRAs or 401Ks with named beneficiaries): 5.0% on the first $100K. 4.0% on the next $200K. 3.0% on the next
He shall have the proper appraisements made, return true and complete inventories except as otherwise provided by law, shall collect all debts due the estate as speedily as may be, pay all debts that may be due from it which are properly probated and registered, so far as the means in his hands will allow, shall settle
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While the executor has the power to manage and direct estate funds, they are bound by their fiduciary duty to distribute the money ing to the will to the estate beneficiaries. Even when the executor is also a beneficiary, they cannot simply take money from an estate bank account.
California: Allowable fees are 4 percent of the first $100,000, 3 percent of the next $100,000, 2 percent of the next $800,000, and 1 percent of the next $9 million of the estate. Extraordinary compensation might apply if the executor performs major services like helping to keep a business running.

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