North Carolina Compensation Administration Checklist
Description
How to fill out Compensation Administration Checklist?
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FAQ
Can an Executor Decide 'Who Gets What'? No, the Executor of your will cannot just decide who gets what. Among other tasks, the executor is primarily responsible for giving away your assets as per the instructions in the will.
Unless the Will provides otherwise, under North Carolina law, Executors or Administrators may claim a commission of up to 5% of the Estate assets and receipts, as approved by the Clerk of Court.
Executor's Percentage Under North Carolina law, an executor may receive up to five percent of the value of the estate's receipts and disbursements" as compensation.
State law allows for two years for the will to be entered into the court records. However, an heir may file sooner if the executor fails to file within 60 days of the death of the person.
Since every estate is different, the time it takes to settle the estate may also differ. Most times, an executor would take 8 to 12 months. But depending on the size and complexity of the estate, it may take up to 2 years or more to settle the estate.
The executor can sell property without getting all of the beneficiaries to approve. However, notice will be sent to all the beneficiaries so that they know of the sale but they don't have to approve of the sale.
Probate law doesn't stipulate how personal items should be divided among beneficiaries unless they've been specifically named in the Will. Such things are called specific legacies. A mother, for example, might wish her eldest daughter to receive her wedding and engagement rings.
What is the role of an executor? The executor is tasked with finalising all administrative matters, to include collecting in and valuing assets, accounting for tax, preparing estate accounts and distributing the estate to the named beneficiaries.
While there is no set deadline for when an executor must settle an estate in North Carolina, as previously stated it can take several years for this to happen, the executor is responsible for meeting several key deadlines throughout probate proceedings.
Unless the Will provides otherwise, under North Carolina law, Executors or Administrators may claim a commission of up to 5% of the Estate assets and receipts, as approved by the Clerk of Court.
