What power does a personal representative have?

Generally speaking, a Personal Representative is responsible for opening the estate, collecting the assets of the estate, protecting the estate property, preparing an inventory of the property, paying various estate expenses, valid claims (including debts and taxes) against the estate, representing the estate in claims …

Can trustee sell property without all beneficiaries approving?

Can trustees sell property without the beneficiary’s approval? The trustee doesn’t need final sign off from beneficiaries to sell trust property.

Can an executor override a beneficiary?

Yes, an executor can override a beneficiary’s wishes as long as they are following the will or, alternative, any court orders. Executors have a fiduciary duty to the estate beneficiaries requiring them to distribute estate assets as stated in the will.

What is the difference between power of attorney and personal representative?

The primary difference between the Personal Representative (“PR”) and the person appointed under a power of attorney the attorney in fact (the “POA”) is that the PR is administering the estate after the person has passed away and the POA is caring for the person while they are incapacitated, but still living.

What is the difference between an executor and personal representative?

A personal representative is appointed by a judge to oversee the administration of a probate estate. When a personal representative is nominated to the position in a will, he’s commonly called the executor of the estate.

Can a lawyer charge a percentage of an estate?

When Probate Attorneys Charge a Percentage of the Estate In a few states (such as California and Florida), attorneys are allowed to charge a percentage of the estate’s value as the fee for handling probate. In our survey, only 8\% of readers who paid a lawyer for help said the estate they were handling paid a percentage-based attorney’s fee.

How much does a real estate attorney cost?

Fees will vary depending on the state you live in and the lawyer’s level of experience. The real estate attorney cost could be a flat fee, though some lawyers charge an hourly rate. Keep reading for everything you may need to know about real estate attorneys and their fees. How much is a real estate attorney?

What is the difference between a real estate agent and attorney?

Real estate agents are paid based on commission , while attorneys are paid a separate legal fee that is typically a flat rate, he said.

What does a real estate attorney do when selling a house?

You do not want to fall victim to any loopholes or misinterpretations in the deal. An attorney will draft the contract based on your agreement, review the title, review mortgage documents, and look over the transfer paperwork. They will also write the deed and validate the breakdown of settlement funds at closing.