I am executor of my "cousins" estate. The house is being short saled because of no assets in the estate. I was told by the lawyer handling the estate that I was not entitled to compensation because thir is no csh assets, but I could take anything from the estate that would be of intrest to me. I have had to SELL through Real Estate sales mostly all items to pay the cost of a funeral bill, $5970 which is nearly. I am being reimbursed by the buyer for $500 for the Title V, an $125 for trash removal while cleaned the whole house, except for the bathroom, wich I CANNOT do. Am I entitled to a percentage of the short sale, even though the mortgage company holding the mortgage and the lawyer foe my cousins state say i get net ZERO.
Country relating to Question: United States
State (if USA): Massachusetts
JUst this web site, the closing is 7/20/2012 and I want to know if under the MASS. law I am entitled to compensation at a specific percentage of the sale of the property.
Hello,Thank you for using JA. There is no law in Mass that specifically sets out a fee or percentage of the estate that an executor receives. The law just says that it has to be "reasonable" considering the amount of work and time the executor puts into the estate..But if there are no assets in the estate that have not already been used, there is nothing to pay anyone with, executor included. If the house is being short sold, it is being sold for less than what is actually owed on it. So the lender is taking a loss and there are no surplus proceeds that the executor can claim to pay any compensation..In most situations like this, when the estate debts are larger than the assets, most times the executor will simply refuse to probate the estate..So no, you wouldn't be entitled to a percentage of the short sale as there is no surplus equity left over after the sale..
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