who does the executor's attorney represent?

What is the role of an executor's attorney?

Jul 28, 2020 · If you are the Executor hiring the attorney, ask what the law is. If you are an heir of the estate, the lawyer should give you some guidance. If the probate estate is in one of the majority states, the first letter from the attorney should start with a sentence that reads, “I have been retained by Mr. Smith, Executor of the Estate of Ms. Smith.

What is the role of a probate attorney?

Feb 14, 2022 · The heirs of the estate may hear only from the lawyer or may hear the Executor say, “This is what the lawyer says we have to do.” This often raises the question, does the lawyer owe a fiduciary duty to the heirs of the estate since the Executor owes a …

Can I hire an attorney to represent the estate?

If you are an heir of the estate, the lawyer should give you some guidance. If the probate estate is in one of the majority states, the first letter from the attorney should start with a sentence that reads, “I have been retained by Mr. Smith, Executor of the Estate of Ms. Smith. It is important that you understand I do not represent you.”.

Does the executor of a co-op have a fiduciary duty?

In such a case, the executor is the attorney’s client. Although the executor represents the interests of the estate and has a legal duty to fulfill the wishes of the decedent as expressed in the will, the executor is the attorney’s client. In other words the attorney who represents the executor does not also represent the interests of the beneficiaries of the estate.

Who does the executor represent?

The executor is legally obligated to meet the wishes of the deceased and act in the interest of the deceased. 2 The executor can be almost anyone but is usually a lawyer, accountant, or family member, with the only restriction being that they must be over the age of 18 and have no prior felony convictions.

What is the difference between an attorney and an executor?

An executor will administer your will when you die — making sure your wishes are carried out; an attorney protects your interests while you're still alive. ...

What is an executor power of attorney?

An Executor is the person you name in your Will to take care of your affairs after you die. A Power of Attorney names a person, often called your agent or attorney-in-fact, to handle matters for you while you are alive. Generally speaking, your Power of Attorney ceases to be effective at the moment of your death.

How much does an executor of an estate get paid in New York?

The commission rate in New York for each Executor is 5% on the first $100,000 in the estate, 4% on the next $200,000, 3% on the next $700,000, 2-1/2 % on the next $4,000,000 and 2% on any amount above $5,000,000.

Who has more power executor or trustee?

The main difference is that the trustee is the person responsible for making the decisions that maintain the estate whilst it is held on trust before it is given to the beneficiaries, and the executor is the person that carries out (or executes) the actions in the Will eg applying for probate.

What is the most powerful power of attorney?

General Durable Power of Attorney Definition A general durable power of attorney both authorizes someone to act in a wide range of legal and business matters and remains in effect even if you are incapacitated. The document is also known as a durable power of attorney for finances.Jul 13, 2021

Is executor same as trustee?

An executor manages a deceased person's estate to distribute his or her assets according to the will. A trustee, on the other hand, is responsible for administering a trust.

Does an executor know the contents of a will?

An executor may decide to send a copy of the will to family members or close friends and allow them to read its contents, and usually, there is little reason not to disclose the contents of a will. However, strictly speaking, an executor does not have to do this.May 29, 2020

Does the executor of a will get paid?

The simple answer is that, either through specific will provisions or applicable state law, an executor is usually entitled to receive compensation. The amount varies depending on the situation, but the executor is always paid out of the probate estate.Jun 3, 2020

How is the executors fee determined?

Executor fees are calculated using the combined value of the assets and income of the estate. ... 5 percent of an estate with a total value under $100,000. 4 percent of an estate with a total value under $200,000. 3 percent of an estate with a total value under $700,000.

Can an executor charge for their time?

An executor cannot claim for the time they have incurred; however they are entitled to be reimbursed for the reasonable costs of the administration.

Do you pay tax on inheritance in NY?

New York is not one of the few states with a true inheritance tax, meaning that whatever gifts you receive from your parents' estates will be tax-free gifts to you.Jun 27, 2016

What is probate after death?

Probate is the legal procedure by which a deceased individual’s property passes to others after his or her death. Probate is usually necessary whether the person died with a will or without a will (which is known as “intestate”). Upon death, the decedent’s interests are no longer those of a living person.

When does probate occur?

When Does a Probate Proceeding Occur? If the decedent left a will and named someone as executor, that person typically retains an attorney to initiate a probate proceeding on his or her behalf. In such a case, the executor is the attorney’s client.

What happens to an estate when a person dies?

Upon death, the decedent’s interests are no longer those of a living person. In a probate proceeding, assets, liabilities, and any other financial matters become the interest of the “estate” of the deceased. The estate, however, must be represented by a living entity.

What is an interested party in probate?

An interested party is someone who has some financial interest in the settlement of the decedent’s estate.

Jonathan Craig Reed

The lawyer representing the executor does not represent any other beneficiary. The lawyer has certain duties of fair dealing with the other beneficiaries, but in any kind of dispute with the outcome of the dispute not known, the other beneficiaries need their own lawyer.#N#More

Sharon M. Siegel

First, the attorney does not represent the beneficiaries. Sometimes, this is okay because the intersts of the beneficiaries are the same. Here, your interests are not the same. You should consult with your own lawyer.

Steven M Zelinger

Ms. Reed offers a good answer. The attorney represents the executor and will be acting to protect the executor's interests (to keep beneficiaries from suing, etc.). If beneficiaries have questions or need advice it is advisable to have a separate attorney...

Celia R Reed

The attorney represents the estate and the executor. He has a fiduciary duty to act in the best interest of the estate, but does not represent the beneficiaries. Given the number of questions you have about estate administration and disposition of the co-op, you would be well-served by a consultation with your own probate attorney.

Geneva Nicole Perry

You should consult with counsel about assistance with administration which may include removal of your brother as co-executor. Whether the court would grant the request would depend in part on what steps he has taken (or not taken) that thwart orderly administration.

James P. Frederick

Yes, you CAN hire an attorney, and you really SHOULD, under these circumstances. Your lawyer would represent you. He/she cannot represent "the estate" because the estate does not need representation.

Michael S. Haber

While I can't advise you as to your state's laws (because I am a NY attorney), I can tell you that it is the job of the executors to hire counsel, and I can't see how one co-executor can hire an attorney for the estate without the approval of the other co-executor...