How Much Money Should You Leave in Your Will For the Executor?
The amount of money that you should leave for an executor can vary depending on the size of the estate and your particular needs. The more assets that you pass on to heirs, the higher the executor fee you can expect to receive. However, there are some cases where you would be better off foregoing the compensation.
Making a Will
When making a will, you should create a list of all the property that you want to pass on to your beneficiaries. This can include items that are held in a trust or jointly with another person. The best way to ensure your estate is passed on in a smooth fashion is to hire a lawyer.
Executor
An executor is a person with a power of attorney to handle the estate of the deceased. They have the legal responsibility to administer the estate, pay the debts, and collect the remaining property. They are responsible for communicating with the heirs and loved ones.
Duties of an Executor
An executor’s job is a lot of work. They need to handle tax returns, bills, and real estate. They may also have to handle the distribution of the estate’s remaining assets. They can be paid an hourly rate, or they can be paid a percentage of the gross value of the estate.
Representative
It is also possible to have a family member to act as the executor. A family member can be a spouse or a minor child. In addition, the representative should report to the beneficiaries.
Free consultation from one of the best Law Firms
If you have questions, you can get a free consultation with the Best Estate Planning Lawyers.
Parklin Law – Estate Planning Lawyer
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
Parklin Law Official Website
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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
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Parklin Law
Orem, Utah
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Orem, Utah
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Orem City Center
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Flag
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| Nickname:
Family City USA
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Location in Utah County and the state of Utah
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| Coordinates: 40°17′56″N 111°41′47″WCoordinates: 40°17′56″N 111°41′47″W | |
| Country | United States |
| State | Utah |
| County | Utah |
| Settled | 1877 |
| Town charter granted | May 5, 1919 |
| Named for | Walter C. Orem |
| Government
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| • Mayor | David Young |
| • Spokesman | Steven Downs |
| • City Manager | James P. Davidson |
| Area | |
| • Total | 18.57 sq mi (48.10 km2) |
| • Land | 18.57 sq mi (48.10 km2) |
| • Water | 0.00 sq mi (0.00 km2) |
| Elevation
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4,774 ft (1,455 m) |
| Population
(2020)
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| • Total | 98,129[1] |
| • Density | 5,267.22/sq mi (2,033.67/km2) |
| Time zone | UTC-7 (Mountain (MST)) |
| • Summer (DST) | UTC-6 (MDT) |
| Area codes | 385, 801 |
| FIPS code | 49-57300[3] |
| GNIS feature ID | 1444110[4] |
| Website | www |
Orem is a city in Utah County, Utah, United States, in the northern part of the state. It is adjacent to Provo, Lindon, and Vineyard and is approximately 45 miles (72 km) south of Salt Lake City. Orem is one of the principal cities of the Provo-Orem, Utah Metropolitan Statistical Area, which includes all of Utah and Juab counties. The 2020 population was 98,129,[1] while the 2010 population was 88,328[5] making it the fifth-largest city in Utah. Utah Valley University is located in Orem.
Orem uses the slogan “Family City USA.”[citation needed]
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