Executor of an Estate

[trekkor]

My wife is and I am helping her.

In California, what is the limit one can make?
There is a huge amount of work to do just to get the house ready for sale.

Thanks,


KT

[trekkor]

We've already taken 6 full trailer loads to the dump...Over 7,000 pounds.
Likely three more loads!

I'm in the middle of applying oil based primer/sealer over all of the interior surfaces to delete 50 years of nicotine stains.

We are trying to sell the house "as-is".
Anybody looking for a cheap investment house in Napa? $415k

3 bedroom, 1 bath, 2 car garage, large back yard with covered patio/bbq area.

I've been logging hours between tile jobs.

KT

[azasadny]

Keep track of all of your expenses and time spent. Deduct that amount (if allowed) from the proceeds of the sale. We did this for my grandfather's estate sale and we kept track of every expenditure. Get a lawyer or accountant to review your documents.

[legion]

Laws are different for every state. Get the NOLO book, a few others, and search the web.

Keep immaculate records.

I did my father's small estate. It took me 1.5 years and close to $5,000 in expenses, out of a $13k estates. (He lived in Tennessee, me in Illinois.)

[Mo_Gearhead]

QUOTE: "In California, what is the limit one can make?"
___________

Was she named in the Will as the executor or was she somehow court appointed? Normally (I believe) if named in a will, the person will set out what payment should be. If court appointed, would assume the judge/courts set it?

[trekkor]

Thanks, have the NOLO book and lawyers.

If the house does not sell right away, we may opt to remodel. Value will become $530k after $50k of work and materials.

Here is where it get's tricky. I want to do the tile work. Conflict of interest?
What are the chances the beneficiaries will contest if they pull down a larger inheritance?

Of course I have no intention of over charging or using exotic materials. Just the usual price and high quality of work.
( to maximize the value of the estate )


KT

[trekkor]

Originally Posted by Mo_Gearhead

Was she named in the Will as the executor

Yes.

But fees are not described ( to my knowledge ).



KT

[GDSOB]

Originally Posted by trekkor

Here is where it get's tricky. I want to do the tile work. Conflict of interest?
What are the chances the beneficiaries will contest if they pull down a larger inheritance?

Of course I have no intention of over charging or using exotic materials. Just the usual price and high quality of work.
( to maximize the value of the estate ) KT

Just get competitive quotes for all work and keep records. You should be reimbursed fairly for your services.

[berettafan]

Call the register of wills for the county in question. They might be able to help you. Some fees are calculated as a % of gross estate.

[Tobra]

Keep good records as you go, one of those week at a glance things is handy for this, easier to keep track of dates. Get competitive bids and it should be no problem if you do the work.

[FastCarFan]

I was the executor for both my father's & my mother's estate, in OH. In both cases, as I recall, the attorney we used calculated a payment for the executor (me) based on a % of the estates.

Since I did not feel right accepting it all, I split it with my brother & sister, although I kept a larger share because I was going to be taxed on the full amount. The amounts given to my brother & sister were considered "gifts" from me.

That is what I remember -- it has been over 7 years. I hope my memory is accurate.

I was lucky -- my siblings & I split the work pretty evenly. We had to clean out a very, very "full" house (i.e., LOTS of junk -- my parents were packrats), we had to get the house ready to sell, we had to do all of the legal stuff, etc. And I was lucky that we chose a great attorney who really helped us through the process.

Good luck. It is not fun.

[TerryH]

If you're serious about remodeling, you might think about making the heirs a reasonable offer on the house as-is. Then you could flip it when you're ready.

[trekkor]

My wife is keeping fantastic records.

We are also taking pictures before and after.


KT