An indpendent executor has the right to settle the estate without having to submit to court approval for actions in settling the estate. But what recourse do the heirs have if an independent executor oversteps his bounds?
That question was posed to me today. Here's a few things that heirs can do if they suspect that an independent executor is mismanaging a succession:
- Any heir may demand an annual accounting from the independent executor. In addition, heirs can petition the court to require that an independent executor furnish accountings more frequently than annually.
- Don't waive a final accounting. The independent executor must file a final account with the court - unless the heis waive it.
-
Know that before the independent executor can be discharged, he must verify and file a detailed descriptive list of assets and liabilities of the estate.
Many people mistakenly believe that an independent executor has free reign to do whatever he or she pleases in settling the estate. This couldn't be further from the truth. The independent executor must act in the best interest of the estate. If you are named an executor and you want to know what your responsibilities are, give me a call at 225-329-2450 or send me an email at paul@rabalaislaw.com. I represent executors and make sure they follow the rules and keep their noses clean.
Paul Rabalais
I understand the normal fee for an Independent Executor in Lousiana is 2.5%. Is that of the net worth of the estate or the gross worth of the estate? If it is gross worth, then he gets his fee based on value of assets even if there is considerable debt?
Posted by: KD Shingler | 10/06/2009 at 04:05 PM
Louisiana Succession law provides that the executor or administrator "shall be allowed a sum equal to two and one-half percent of the amount of the inventory as compensation for his services in administering the succession."
I'm thinking that the term "inventory" includes the gross estate, not the net estate after deducting debts.
Posted by: Paul Rabalais | 10/06/2009 at 08:22 PM
Our independent executor won't release any kind of documentation to verify amounts shown on the Detailed Descriptive List until we sign a release that we will not request a Final Accounting. Everyone but me is ok with this as they fear this process will be expensive. Your thoughts?
Posted by: KD Shingler | 10/13/2009 at 01:28 PM
Is it legal for the executor to make himself a loan if it is repaid before estate is settled?
Posted by: Melissa Clevenger | 10/15/2009 at 11:39 AM
I suppose an "independent" executor may make a loan to himself. If the heirs do not waive the accounting, the executor must disclose this in the accounting. But an executor that is not "independent" does not have that authority without court approval.
Posted by: Paul Rabalais | 10/15/2009 at 01:36 PM
KD:
Sounds fishy that the executor is refusing to release documentation supporting the Detailed Descriptive List.
Posted by: Paul Rabalais | 10/15/2009 at 01:38 PM
Scenario: The oldest brother in the family appointed himself as executor without the consent of the entire family and thus found an attorney that filed succession in the city court. He officially stated that there were no wills available when there are indeed two wills, one olographic from the first parent and another notorized from the second. The executor does not seem to want to recognize these although he has received a photo copy from another family member holding the original document.
Question: Is this family member doing something wrong by stating there is no will. Can this family member/executor make all decisions like taking the estate to a sheriffs sale without consent?
Michael
Posted by: Michael Thibodeaux | 02/19/2010 at 05:58 PM
3 of my brothers were named co-executors and an attorney as executor in a will made july 2. my mom signed the will but she didnt know anything about executors and that a lawyer would get proceeds from the sale of her home. she was on heavy drugs having liver cancer and died july 16. i have not been allowed in her house her car was taken by one of them inventory is gone they say mom gave it to them so is this legal and what can i do? please help me fast Please?
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