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Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 37377
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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90 year old father dies. 4 beneficiaries all siblings in

Customer Question

90 year old father dies. 4 beneficiaries all siblings in there 60's. one sibling is named executor. Total estate 1 house at $120,000 and approximately $30,000 cash. Total estate value $150,000. how much should the executor be paid?
also we found one life insurance policy with her name on it for $10,000. Is that part of the estate? or does she claim it as hers
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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how much should the executor be paid?

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Their compensation is set by statute if the will was silent. Under KRS 395.150 Compensation of representatives.

(1) The compensation of an executor, administrator or curator, for services as such, shall not exceed five percent (5%) of the value of the personal estate of the decedent, plus five percent (5%) of the income collected by the executor, administrator or curator for the estate.

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So that is generally interpreted as 5% or less and she can claim up to $7,500.

also we found one life insurance policy with her name on it for $10,000. Is that part of the estate? or does she claim it as hers

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The insurance policy goes directly to the named beneficiary and is not part of the estate. It is only part of the estate if it is the estate that is named the beneficiary or no beneficiary is named at all.

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So the insurance proceeds go directly to the sibling from the insurer.

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thanks

Barrister

Customer: replied 1 year ago.
We already know about the 5%. The question is, considering the size of estate what should be paid to her
Expert:  Barrister replied 1 year ago.

I am not sure I follow your question... By law, she can claim up to 5% so it really isn't about what the other beneficiaries think her serving in the role of executor is worth...

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But if you are asking me personally how much she should receive, since cash is easily transferred and the house will either be deeded over to the 4 heirs or sold with the proceeds divided, there really isn't much for the executor to do so I would think that $3000-3500 would more than adequately compensate her for the time that she has to put into administering the estate.

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But if she claimed 5% as compensation, the judge likely wouldn't disallow it as it is kind of the general rule that Execs get 5%..

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thanks

Barrister

Customer: replied 1 year ago.
Does the executor have to reveal the all life policys paid to her. if CD's and or bank accounts list her as beneficiary are they part of the estate
Expert:  Barrister replied 1 year ago.

Does the executor have to reveal the all life policys paid to her.

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No, this is entirely confidential between the insurer and the beneficiary.

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if CD's and or bank accounts list her as beneficiary are they part of the estate

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Anything that someone is listed as a direct beneficiary on, be it a joint account or a "POD" (payable on death) designation account, passes directly to that person outside of probate and is not considered part of the estate.

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So if she is listed as a beneficiary on CD's or bank accounts, those assets aren't part of the estate that goes through probate.

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thanks

Barrister

Customer: replied 1 year ago.
The Will was drawn up about 10 years ago by an Attorney friend of her Family. as far as we know he will handle this through Probate. What percent does he get? considering what is being paid to the executor
Expert:  Barrister replied 1 year ago.

There is no set percentage that and Attorney gets for handling a probate case. That is a matter of negotiation between the executor and the attorney. Some attorneys charge a flat fee, some charge a percentage, and some charge hourly. So it is up to the executor to reach an agreement with the attorney on what he charges the estate.

Thanks. .

.Barrister