Comments on: If You Are An Executor Of An Estate, It Might Be Better Not To Take An Executor's Fee http://wheredoesallmymoneygo.com/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/ A personal finance blog written by Preet Banerjee Sat, 11 Feb 2012 16:22:10 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: jade http://wheredoesallmymoneygo.com/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-10313 jade Wed, 23 Nov 2011 18:34:49 +0000 http://symbiantcapital.com/2008/04/08/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-10313 My sister and myself have been named as executors of my mothers estate. However, my sister was previously executor for my father 25 years ago. She is saying that she is entitled to charge fees for administrative duties for doing probate and other secretarial tasks over past 25 years. Can a person charge for adminstrative executor's fees years later? My sister and myself have been named as executors of my mothers estate. However, my sister was previously executor for my father 25 years ago. She is saying that she is entitled to charge fees for administrative duties for doing probate and other secretarial tasks over past 25 years. Can a person charge for adminstrative executor’s fees years later?

]]> By: TG http://wheredoesallmymoneygo.com/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-7812 TG Sat, 09 Apr 2011 23:55:35 +0000 http://symbiantcapital.com/2008/04/08/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-7812 We are dealing with a situation, where my father died two weeks ago, and my sister and I have been left all assets, and we have no issues about splitting things down the middle. We are 20 & 23 years of age, and through the WILL, have executor handling things. Our issue, is, we have not been provided with full disclosure, of all assetts, debts, or even the day to day earnings being generated from a business that was part of the assets. We are very frustrated at this time, as we feel, that we have been put in a allmost desparate situation, as numerous offers have submitted to the executor to purchase this business and we have no idea, what the status of the business is, or its worth, and we are being urged to sell the business by the executor, and he has refused the right to discuss our concerns, with the book keeper or other employees. Question being, must we go to probate or since there is no issues, may we take charge of all assets and or get rid of the executor asap. We are dealing with a situation, where my father died two weeks ago, and my sister and I have been left all assets, and we have no issues about splitting things down the middle. We are 20 & 23 years of age, and through the WILL, have executor handling things. Our issue, is, we have not been provided with full disclosure, of all assetts, debts, or even the day to day earnings being generated from a business that was part of the assets. We are very frustrated at this time, as we feel, that we have been put in a allmost desparate situation, as numerous offers have submitted to the executor to purchase this business and we have no idea, what the status of the business is, or its worth, and we are being urged to sell the business by the executor, and he has refused the right to discuss our concerns, with the book keeper or other employees. Question being, must we go to probate or since there is no issues, may we take charge of all assets and or get rid of the executor asap.

]]> By: kathy http://wheredoesallmymoneygo.com/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-7759 kathy Tue, 22 Mar 2011 23:03:19 +0000 http://symbiantcapital.com/2008/04/08/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-7759 I have an issue-aunt dies with two executors on her will-a niece and a friend-friend was given house-balance of estate deviced evenly between all nieces-nephews. House was sold two years prior to death when aunt moved to nursing home-she looked after sale herself with no problems-but never changed her will. Now-friend wants funds from house which 50 thousand is spent on her care. She refuses to probate will or meet with lawyer-what now I have an issue-aunt dies with two executors on her will-a niece and a friend-friend was given house-balance of estate deviced evenly between all nieces-nephews. House was sold two years prior to death when aunt moved to nursing home-she looked after sale herself with no problems-but never changed her will. Now-friend wants funds from house which 50 thousand is spent on her care. She refuses to probate will or meet with lawyer-what now

]]> By: Jim Smith http://wheredoesallmymoneygo.com/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-7631 Jim Smith Wed, 02 Mar 2011 18:20:20 +0000 http://symbiantcapital.com/2008/04/08/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-7631 Also, You forgot to mention that Executor Fees in Canada ,are subject to Income Tax and CPP witholdings (but EI exempt in most cases). Therefore, you must register with CRA to get a business# for Payroll deductions, deduct and remit the Tax and CPP deductions to CRA, on or before the 15th of the month following in which you pay the executor fees (if you don't remit on time you could be subject to a late remitting penalty). Futher, you are also required to report income and deductions on a T4 and T4 summary due no later than Feb 28th of the year following the payment of the executor fee (if you don't you could be subject to a late filing penalty of the complete T4 supp./T4 summary). There is a $3500 exemption for CPP to keep in mind, so on any amounts exceeding $3500, there is the CPP rate of 4.95%, plus a matching portion of CPP-called the employer portion-which you can't get back .You can only get the employee portion back when you file your T1 return if more than the CPP max.was deducted from all sources of income. Another consideration is that taking an executor fee ,because its taxable on the T1 return,could reduce certain credits like the child tax benefit, the GST/HST credit,and possible other credits for lower income Canadians. Also, You forgot to mention that Executor Fees in Canada ,are subject to Income Tax and CPP witholdings (but EI exempt in most cases). Therefore, you must register with CRA to get a business# for Payroll deductions, deduct and remit the Tax and CPP deductions to CRA, on or before the 15th of the month following in which you pay the executor fees (if you don’t remit on time you could be subject to a late remitting penalty). Futher, you are also required to report income and deductions on a T4 and T4 summary due no later than Feb 28th of the year following the payment of the executor fee (if you don’t you could be subject to a late filing penalty of the complete T4 supp./T4 summary).

There is a $3500 exemption for CPP to keep in mind, so on any amounts exceeding $3500, there is the CPP rate of 4.95%, plus a matching portion of CPP-called the employer portion-which you can’t get back .You can only get the employee portion back when you file your T1 return if more than the CPP max.was deducted from all sources of income.

Another consideration is that taking an executor fee ,because its taxable on the T1 return,could reduce certain credits like the child tax benefit, the GST/HST credit,and possible other credits for lower income Canadians.

]]> By: Gina LeVangie http://wheredoesallmymoneygo.com/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-7612 Gina LeVangie Sun, 27 Feb 2011 19:25:56 +0000 http://symbiantcapital.com/2008/04/08/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-7612 My husband lost both his parents around the same time , His father had a will,but the trustee did not finish his job and was paid for what he did not finish,like 11 or 12 thousand dollars,there is land that is still in his dead mothers name,there was no deeds done up, or anything we should not have to pay for what they should have finished,how can i go about getting help,sooo desperate for an answer or someone to help? My husband lost both his parents around the same time , His father had a will,but the trustee did not finish his job and was paid for what he did not finish,like 11 or 12 thousand dollars,there is land that is still in his dead mothers name,there was no deeds done up, or anything we should not have to pay for what they should have finished,how can i go about getting help,sooo desperate for an answer or someone to help?

]]> By: JD http://wheredoesallmymoneygo.com/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-7025 JD Fri, 15 Oct 2010 07:39:56 +0000 http://symbiantcapital.com/2008/04/08/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-7025 A question on dual executors. My dad died 5 1/2 years ago and we are still dealing with the estate. Basically a few years before my dad died he had a heart attack and the woman he lived with had him sign a mirror will in the hospital. A year or so later they had a common law separation the estate divided. A year later he died but had not changed his will nor had she (she since has). She was the sole executor and beneficiary but through the separation agreement she was removed from her duties. From there the will dropped down to co-executors that she had picked - her daughter (whom my father loathed) and my sister. We have never been a family with as we are older and this was a rocky relationship for the several years together. My dad's former girlfriend said, admittedly to us when she thought she was in control of the estate, her kids were only put in the will in case something happened to her hence the mirror will. This was the case before she knew she was to be removed, once removed was furious and is using her daughter to "get what they could" even though she had already took a large part only a year prior in the separation. In total there are now the 4 beneficiaries of the mirror will - the 4 kids all in our 30's - my sister, myself and this women’s daughter and son. Both my sister and I live om Toronto 500 km from my father’s home but we were trying to sell his house of which the other executor, who lives in the next town, decided to move in and throw out the tenant living there (who was paying rent to cover the cost of mortgage and insurrance). She lived there for 13 months and now 5 years later with everything finally wrapped up somewhat, (as she thwarted everything along the way and did not respond for months on end) she is trying to claim $3600 for living expenses in the house (gas money to her work in the next town). We sent numerous letter saying we did not want her the house, personally talked to her several times asking her to leave but she refused. The mortgage came out of the estate while she moved in and lived rent free with her boyfriend and 2 kids - basically like a squatter we could not get her to co-operate and leave the home instead she invited us to stay if we wanted (I believe some advice given to her by one of the several lawyers she retained and fired). She would not approve any real estate agent we wanted for almost a year and then when she did the house was sold in less then a couple months. She insists that she was there to maintain the house and contents through out the winter but really she was stalling for rent free living while her mother stayed at the residence as well a which went against another section in the separation agreement. She has not submitted any monies for cars, lawn equipment ect. she was given to sell. We have conceded on so many continuous issues over the years, swallowed our pride just to move things along, even if my dad would be rolling in his grave. My sister and I want this behind us so we can move on but this business of claiming gas money to travel to and from work from his home is ridiculous after rent free living and the other co-executors disproval We really don't want to bend on this issue as well but she refuses to let it go and continues to hold up the closing of the estate as she has no other interest except getting what she can? She is tenacious in her tactics and while over the years the estate lawyer feels compassion for us he believes we should just except to finish this off. He said we should sue after and would stand as a witness for us but the reality is for the money, time and headache it is not worth it? We know only half the monies she wants actually comes out of our pocket (as she and her brother our beneficiaries) but it's principle and another strong arm tactic to ultimately get her way. What are her rights in this matter and our rights as co-executor and beneficiaries? Sorry for the long preamble but I believe the story is necessary for our argument A question on dual executors.

My dad died 5 1/2 years ago and we are still dealing with the estate. Basically a few years before my dad died he had a heart attack and the woman he lived with had him sign a mirror will in the hospital.

A year or so later they had a common law separation the estate divided. A year later he died but had not changed his will nor had she (she since has). She was the sole executor and beneficiary but through the separation agreement she was removed from her duties.

From there the will dropped down to co-executors that she had picked – her daughter (whom my father loathed) and my sister. We have never been a family with as we are older and this was a rocky relationship for the several years together. My dad’s former girlfriend said, admittedly to us when she thought she was in control of the estate, her kids were only put in the will in case something happened to her hence the mirror will. This was the case before she knew she was to be removed, once removed was furious and is using her daughter to “get what they could” even though she had already took a large part only a year prior in the separation. In total there are now the 4 beneficiaries of the mirror will – the 4 kids all in our 30′s – my sister, myself and this women’s daughter and son.

Both my sister and I live om Toronto 500 km from my father’s home but we were trying to sell his house of which the other executor, who lives in the next town, decided to move in and throw out the tenant living there (who was paying rent to cover the cost of mortgage and insurrance). She lived there for 13 months and now 5 years later with everything finally wrapped up somewhat, (as she thwarted everything along the way and did not respond for months on end) she is trying to claim $3600 for living expenses in the house (gas money to her work in the next town).

We sent numerous letter saying we did not want her the house, personally talked to her several times asking her to leave but she refused. The mortgage came out of the estate while she moved in and lived rent free with her boyfriend and 2 kids – basically like a squatter we could not get her to co-operate and leave the home instead she invited us to stay if we wanted (I believe some advice given to her by one of the several lawyers she retained and fired). She would not approve any real estate agent we wanted for almost a year and then when she did the house was sold in less then a couple months.

She insists that she was there to maintain the house and contents through out the winter but really she was stalling for rent free living while her mother stayed at the residence as well a which went against another section in the separation agreement. She has not submitted any monies for cars, lawn equipment ect. she was given to sell. We have conceded on so many continuous issues over the years, swallowed our pride just to move things along, even if my dad would be rolling in his grave.

My sister and I want this behind us so we can move on but this business of claiming gas money to travel to and from work from his home is ridiculous after rent free living and the other co-executors disproval

We really don’t want to bend on this issue as well but she refuses to let it go and continues to hold up the closing of the estate as she has no other interest except getting what she can? She is tenacious in her tactics and while over the years the estate lawyer feels compassion for us he believes we should just except to finish this off. He said we should sue after and would stand as a witness for us but the reality is for the money, time and headache it is not worth it? We know only half the monies she wants actually comes out of our pocket (as she and her brother our beneficiaries) but it’s principle and another strong arm tactic to ultimately get her way.

What are her rights in this matter and our rights as co-executor and beneficiaries?

Sorry for the long preamble but I believe the story is necessary for our argument

]]> By: Preet http://wheredoesallmymoneygo.com/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-1921 Preet Sun, 30 Aug 2009 16:10:20 +0000 http://symbiantcapital.com/2008/04/08/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-1921 @ David Young - I'm not familiar with New York State, or American federal regulations in these matters. Unfortunately you'll have to do some digging. My (unverified) understanding is that you can charge a percentage as you go based on the qualifying transactions that are being processed as they happen. But again, best to check with a professional in your jurisdiction. @ David Young – I’m not familiar with New York State, or American federal regulations in these matters. Unfortunately you’ll have to do some digging. My (unverified) understanding is that you can charge a percentage as you go based on the qualifying transactions that are being processed as they happen. But again, best to check with a professional in your jurisdiction.

]]> By: David Young http://wheredoesallmymoneygo.com/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-1920 David Young Sun, 30 Aug 2009 00:04:38 +0000 http://symbiantcapital.com/2008/04/08/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-1920 I am an executor of an estate in New York State. May I take a partial disbursement of the executor fee in advance of closing the estate? I am an executor of an estate in New York State.
May I take a partial disbursement of the executor fee
in advance of closing the estate?

]]> By: Preet http://wheredoesallmymoneygo.com/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-1919 Preet Sat, 21 Mar 2009 01:35:50 +0000 http://symbiantcapital.com/2008/04/08/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-1919 @ Michelle: I think that is a question for your lawyer, and you should ask him/her ASAP. @ Michelle: I think that is a question for your lawyer, and you should ask him/her ASAP.

]]> By: Michelle http://wheredoesallmymoneygo.com/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-1918 Michelle Fri, 20 Mar 2009 14:11:48 +0000 http://symbiantcapital.com/2008/04/08/if-you-are-an-executor-of-an-estate-it-might-be-better-not-to-take-an-executors-fee/#comment-1918 We have hired a lawyer to start the paper work for probate. He did not ask if we were going to ask for executor fees and we were planing to. Is it to late? Michelle We have hired a lawyer to start the paper work for probate. He did not ask if we were going to ask for executor fees and we were planing to. Is it to late?
Michelle

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