Estate and Probate Attorney in Cincinnati Ohio » Executors/Administrators http://www.ohioprobateanswers.com Cincinnati Probate Attorneys: Elliott Stapleton, D. Todd Rush, and John Cornetet Thu, 05 Jan 2017 20:48:57 +0000 en-US hourly 1 https://wordpress.org/?v=4.2.39 What does an Executor/Administrator get paid? http://www.ohioprobateanswers.com/executors-administers/what-does-an-executoradministrator-get-paid/ http://www.ohioprobateanswers.com/executors-administers/what-does-an-executoradministrator-get-paid/#comments Tue, 29 Mar 2011 08:41:52 +0000 http://032b5f3.netsolhost.com/wordpress/?p=73 Read more]]> Ohio law sets the fee for the executor/administrator. The executor’s fee is a percentage of the value of the assets of the estate. There is a fee schedule upon which the fee is determined that ranges from 4% to 2% of the value of the assets of the estate.  The fee is:

  • 4% of the first $100,000
  • 3% of the next $300,000
  • 2% of everything over $400,000
  • And 1% of non-probate assets
]]> http://www.ohioprobateanswers.com/executors-administers/what-does-an-executoradministrator-get-paid/feed/ 0 Liabilities of the Executor/Administrator http://www.ohioprobateanswers.com/executors-administers/liabilities-of-the-executoradministrator/ http://www.ohioprobateanswers.com/executors-administers/liabilities-of-the-executoradministrator/#comments Tue, 29 Mar 2011 08:40:54 +0000 http://032b5f3.netsolhost.com/wordpress/?p=71 Read more]]> The executor/administrator can be removed by the Court for failure to perform such duties. They can also be subject to possible civil and criminal penalties for improper conversion of estate property.

The executor/administrator is also responsible for filing estate tax returns and income tax returns for the decedent and the estate.  They can be held personally responsible for their failure to file these returns.

In addition, they owe the beneficiaries of the estate a fiduciary duty.  In law, this is the highest duty owed to another.  The executor has a duty to protect, manage, and care for the estate assets as if the assets were his own.  If the executor/administrator is not careful and dilligent, he or she can breach the fiduciary duty owed to the beneficiary and be personally responsible.  For example, a house is worth $150,000.  The executor fails to get it appraised and sells it for $100,000.  He could be liable for the $50,000 in lost value.

]]> http://www.ohioprobateanswers.com/executors-administers/liabilities-of-the-executoradministrator/feed/ 0 Powers and duties of the Executor/Administrator http://www.ohioprobateanswers.com/executors-administers/powers-and-duties-of-the-executoradministrator/ http://www.ohioprobateanswers.com/executors-administers/powers-and-duties-of-the-executoradministrator/#comments Tue, 29 Mar 2011 08:40:15 +0000 http://032b5f3.netsolhost.com/wordpress/?p=69 Read more]]> An executor or administrator of an estate is the person who is responsible for the administra­tion of the estate. They must identify and evaluate the assets. They must identify and pay all bills.  They are re­sponsible for selling the assets that need to be sold and all tax filings for the decedant and the estate. Finally, the executor distributes the as­sets in accordance with the terms of the will or state law if there is no will.

The executor/administrator also agrees to:

  • Give notice of the admission of the will to the heirs and beneficiaries
  • Make and file an inventory with the Probate Court
  • Deposit all funds in an estate account and to keep all records
  • Keep estate funds separate
  • Invest all funds in a lawful manner
  • Make and file a distributive and final account with the Probate Court
  • File all tax documents required by law
  • Maintain insurance on the estate assets
  • Obey all Court orders
]]> http://www.ohioprobateanswers.com/executors-administers/powers-and-duties-of-the-executoradministrator/feed/ 0