New York Sample Letter regarding Motion to Sell Property of an Estate
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How to fill out New York Sample Letter Regarding Motion To Sell Property Of An Estate?
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FAQ
In New York, the technique of promoting property as an executor of a property can be complex and is a problem to unique legal requirements. Generally, an executor has the authority to promote property without the approval of all beneficiaries, however, there are necessary factors to consider.
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.
The difference is the way in which they have been appointed. An Executor is nominated within the Will of a deceased person. If there is no Will, an Administrator is appointed by a Court to manage or administer a decedent's estate.
Preferably, all the heirs should agree; that would make life easier! But they don't necessarily have to agree. If there is a court-appointed executor, then executor can make the impartial decision (if it's a professional executor and not a family member).
Is an Executor Allowed to Sell a House? In New York, under the Estates Powers and Trusts Law, executors have broad power to manage an estate and do what is necessary to wind up the estate and distribute assets to the beneficiaries. This may include selling assets such as a house.
