Legal Question in Wills and Trusts in North Carolina
Determine net proceeds of estate property
I am the some of the deceased, and the executor of the will, in North Carolina. The will calls for the sale of the house and the �net� proceeds be distributed to named charities.
Are the proceeds of the sale of the house incorporated in the estate bank account?
To arrive at the �net� proceeds can I deduct reasonable costs and expenses from the gross sale amount to arrive at the net proceeds amount, including a fee for my personal time with letters, phone calls, etc. And what would be a reasonable percent of the proceeds to arrive at an executor fee.
Thank you in advance
1 Answer from Attorneys
Re: Determine net proceeds of estate property
Yes, you should be able to deduct reasonable costs and expenses from the gross sale amount as well as a fee for your personal time involved in order to arrive at the net proceeds.
An acceptable executor's fee likely runs from around two to four per cent of an estate's value, depending upon whether the sale of real property is required. (The executor's fee is very likely regulated by state statute in the probate section of the state code.)
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
