Legal Question in Wills and Trusts in New York
Executive of Will
Being the executive,do I contol all the monies and assets my mother owns.I have a brother and a sister and have to split everthing my mother owns into thirds.That I know for a fact.The 2 questions I have for you:
#1 Do I get a third of everything thats in my mothers name?
#2 Do I get 10% of the top because I am the executive.
#3 Live in the state of new york ,will was made in early 1980 ,s thought you might ned to know that.
Thank You
1 Answer from Attorneys
Re: Executive of Will
As the executor of a will, your responsibility is to gather the estate's assets and distribute them according to the terms of the will. However, not all assets pass through the estate. For instance, bank accounts that have a named beneficiary or assets held jointly with another (e.g. bank accounts or real property). It is not clear from your question whether you have probated the will. If not, this is the first step. You must also establish a separate bank account for estate assets. As the executor, you are entitled to a commission, which is based on a percentage of the estate. It is 5% of the first $100,000. The percentage decreases above that amount. You should have an attorney assist you with the probate process. Please contact my office if you would like to discuss your situation further.
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