When during the probate process should funds be set aside to cover the fees of executor and attorney?
February 21st, 2011 Filed under: Executor Fees — Estate Planning Author
Nin_jah asks the question: the estate is mostly securities. The market is tanking right now, and the portfolio is going down in value. The executor and fiduciary fees are already set by statute. But, don’t they have a responsibility to me, the heir. I have made my request clear to sell ASAP to cover their fees. It has been in a brokerage account for quite some time, and the creditor claim period has passed way back in mid-July 2007. What recourse do I have? None?
Answer:If by statue they claim period has expired, they have no reason not to liquidate the securities at your request.
Final bill should either be submitted at the same time the final payments are dispursed, or should be submitted to you with an understanding you will fund from proceeds depending on state law.
Check with the probate court to see if a subsititute executor can be appointed(Law & Ethics)
