TRY ME!
Executors Discretion In Will
Summary
The will grants the executor discretion to manage and divide property, including selling if necessary. The home is part of the estate unless excluded. Executors must list estate assets on the Inventory Form, using the value at the decedents death. Appraised values are preferred over tax values for accuracy. Consult a local attorney for further guidance.Full Conversation
There are six beneficiaries. How does the Executor divide the shares of the home equally?
In North Carolina, if the will allows the executor to divide the property at their discretion, they can choose how to distribute it. Options include:
- Selling the property and dividing the proceeds equally among beneficiaries.
- Dividing the physical property if feasible.
- Considering beneficiaries' preferences and circumstances.
Is there a particular approach you prefer or any more specifics needed?
- Selling the property and dividing the proceeds equally among beneficiaries.
- Dividing the physical property if feasible.
- Considering beneficiaries' preferences and circumstances.
Is there a particular approach you prefer or any more specifics needed?
Is the home considered part of the estate?
In North Carolina, a home is generally considered part of the estate unless specifically excluded in the will. The executor manages estate assets, including real estate, as directed by the will. If the home is not specifically mentioned, it's typically part of the estate.
I grant to my executor, and to any successor executor, the continuing absolute discretionary power to deal with any real or personal property Hale in my Estate home by me at the time of my death as freely as I might in the handling of my own affairs, including the power to sell real property Such power may be exercise independently and without the prior or subsequent approval of any court, judicial authority, and no person dealing with my executor, or any successor executor shall be required to inquire into the propriety of any of their actions. Do we have to list the value of the home on the Inventory Form?
Case Rating: *
In North Carolina, the executor is generally required to list all estate assets, including real property, on the Inventory Form. This typically includes the value of the home. It's advised to follow these procedures unless the will specifies otherwise.
In North Carolina, the executor is generally required to list all estate assets, including real property, on the Inventory Form. This typically includes the value of the home. It's advised to follow these procedures unless the will specifies otherwise.
Do we list the value of the home at the date of descendant's death on the inventory form?
Case Rating: *
In North Carolina, the executor usually lists the value of the home on the Inventory Form as of the date of the decedent's death. This helps in accurately assessing the estate's value for distribution purposes.
In North Carolina, the executor usually lists the value of the home on the Inventory Form as of the date of the decedent's death. This helps in accurately assessing the estate's value for distribution purposes.
Can we use the tax value of the home on the inventory form
Case Rating: *
In North Carolina, the executor can use the tax value of the home on the Inventory Form if it reflects the fair market value at the date of the decedent's death. However, it's often recommended to obtain a professional appraisal to ensure accuracy. Do you need more details on obtaining an appraisal?
In North Carolina, the executor can use the tax value of the home on the Inventory Form if it reflects the fair market value at the date of the decedent's death. However, it's often recommended to obtain a professional appraisal to ensure accuracy. Do you need more details on obtaining an appraisal?
The tax value is $*,* more than the Appraisal
Case Rating: *
In this situation, it's advisable to use the appraised value rather than the tax value on the Inventory Form, as it more accurately reflects the fair market value at the decedent's death. If you need further assistance with this process, consulting with a local attorney might be beneficial.
In this situation, it's advisable to use the appraised value rather than the tax value on the Inventory Form, as it more accurately reflects the fair market value at the decedent's death. If you need further assistance with this process, consulting with a local attorney might be beneficial.
Start a new chat