It depends on exactly what the will says...simply naming you as executor doesn't give you ownership rights over it all. You would simply be the person tasked with seeing that the assets are disbursed in accordance with the terms of the will. You can be paid a fee out of the estate for doing what needs to be done (ex: arranging for appraisals, the sale of substantial tangible property or other things specified in the will).

"Controlling entity" does not necessarily mean what you think. If the will specifies that Daughter X gets 50% and Daughter Y gets the other half, then you may be paid a fee as executor for arranging the sale of the house, etc. but the proceeds of the house sale still belong to Daughters X and Y.

You need to have a clear & civil conversation with them to ensure you understand their wishes/intent. If they have indeed left it all to you, be prepared to deal with the potentially unhappy disinherited siblings, and with your wife. Nothing sets people off like grief & money.

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Posted by TheCaterpillar

Member since Jan 2004

76774 posts

Posted on 12/10/15 at 10:42 am to hungryone

quote:
It depends on exactly what the will says...simply naming you as executor doesn't give you ownership rights over it all. You would simply be the person tasked with seeing that the assets are disbursed in accordance with the terms of the will. You can be paid a fee out of the estate for doing what needs to be done (ex: arranging for appraisals, the sale of substantial tangible property or other things specified in the will).

"Controlling entity" does not necessarily mean what you think. If the will specifies that Daughter X gets 50% and Daughter Y gets the other half, then you may be paid a fee as executor for arranging the sale of the house, etc. but the proceeds of the house sale still belong to Daughters X and Y.

You need to have a clear & civil conversation with them to ensure you understand their wishes/intent. If they have indeed left it all to you, be prepared to deal with the potentially unhappy disinherited siblings, and with your wife. Nothing sets people off like grief & money.

Yeah, I'm just executor I believe. The money and house is being left 50/50 to the daughters.

However, I am the person that makes the decision to sell the house or not (or wait and sell after a certain period). I'll need to get an attorney to help me make that decision when the time comes. If I indeed sell it, then the profits go 50/50 to the daughters.

I won't be charging a fee though