My own layman’s guide, born of my own experience and observations – Part 8

By now, you should realize that settling an estate takes a lot of work.  This is why the estate can compensate the executor for doing the job.  Of course, by executor, the law also includes executrix, as well as administrator and/or administratix.

BUT, it may be that the will specifically forbids payment to the executor/executrix.  Why would the will forbid this payment?  Hard to say.  Could be that Great-aunt Bunny really wanted the ‘stuff’ to be divvied up a certain way, or just didn’t realize it would be so much work.  Also note, if you are the executor as well as a fellow-heir, the other heirs may not realize the amount of work, (or believe it should  be a labor of love,) and your fees could start (or contribute to) a family feud.

My own layman’s guide, born of my own experience and observations – Part 7

In order to discuss the taxes, it’s important to understand the difference between assets and income.

Assets include all property (money, real estate, crab traps, etc.,) transferred into the estate.  Every single cotton picking thing that Grampy owned is immediately owned by the estate upon Grampy’s death.

Income is money the asset earns.