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While I am not sure what you mean by "cost to become an executor of the estate," you might find this information useful on the cost to open an estate.
To be appointed as executor or administrator of the estate (executors serve is there is a will, administrators serve if there is no will or no named executor,) you normally need to be appointed by the probate court. The exact procedure depends on the state where the estate is probated.
This means that you will need to pay a filing fee and might need to post bond (this provides insurance if you skip out with estate funds.) In California the filing fee runs $435.00.
You will probably also need to publish notice in a newspaper, this varies depending on the paper where you publish. In my geographical practice area, the publication runs $100 - $200.
And of course, there is the attorney to assist you and represent you in court. Again, how and how much the attorney gets paid depends on the laws of your state. Here in California, my fee for ordinary services are set by statute (law.) I only get paid after the probate court approves my fee, generally at the end of administration.
And, since you are not the executor yet, you cannot use the estate's funds to start the process. Most attorney's require an advance of costs (filing and publication fees) to get started.
OK, so now the good news. In California at least, any funds you spend on opening the probate is considered a "cost of administration." This means that the estate will pay you back before any other creditors. You will need to wait till the estate closes, but you will get the funds back (no interest though.)
Wiki User
∙ 7y ago
Wiki User
∙ 13y agoIt doesn't cost to be an executor most of the time. They may have to post a bond. In many cases the executor gets paid by the estate. In some cases the will specifies an executor and that they do not need to post a bond.
Wiki User
∙ 8y agoCheck the laws for your jurisdiction. Most states have specified what expenses can be reimbursed by the estate.
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Can an unpaid executor get paid for gasoline expenses?
As long as the executor has been duly appointed by the probate court they can charge the expenses associated with the handling of the estate to the estate and get reimbursed from any estate assets.As long as the executor has been duly appointed by the probate court they can charge the expenses associated with the handling of the estate to the estate and get reimbursed from any estate assets.As long as the executor has been duly appointed by the probate court they can charge the expenses associated with the handling of the estate to the estate and get reimbursed from any estate assets.As long as the executor has been duly appointed by the probate court they can charge the expenses associated with the handling of the estate to the estate and get reimbursed from any estate assets.
What expenses can be claimed as an executor of an estate?
Reasonable expenses can be charged to the estate. The executor can also receive payment.
Are executor expenses tax deductible?
they are not a deductable amount. You can claim expenses as an executor against the estate funds. However, if you do claim executor expenses against the amount of the estate they are taxed as income for the person claiming them.
What is an Executor's commission?
A reasonable fee an executor can charge for doing all the work (and there can be a lot of it) in executing a will. This fee will be on top of any expenses and will come out of the estate before any inheritance payouts. Heirs should be able to see what the expenses and commission are, should they wish to do so - it is the duty of the executor to keep detailed records/accounts.
Is the executor fees calculated after funeral expenses or before?
After funeral expenses
How much can you charge for an executor fee in state of Maine?
five percent
Does an executor have the final say in all that happen?
They are pretty much in charge of the estate. Only the court can over ride the executor.
Can an estate claim back rent from an heir who lived in a house in the estate but did not pay any rent to the other heirs?
You haven't provided enough detail such as whether it was your usual residence but there are circumstances where the executor could charge rent if one heir is using the premises and creating expenses for the other heirs.You haven't provided enough detail such as whether it was your usual residence but there are circumstances where the executor could charge rent if one heir is using the premises and creating expenses for the other heirs.You haven't provided enough detail such as whether it was your usual residence but there are circumstances where the executor could charge rent if one heir is using the premises and creating expenses for the other heirs.You haven't provided enough detail such as whether it was your usual residence but there are circumstances where the executor could charge rent if one heir is using the premises and creating expenses for the other heirs.
Can executor get money back from out of pocket expense?
The executor can make a claim against the estate for expenses. The probate court will have to approve. The expenses have to be reasonable and normal.
How much should an executor get paid?
Executors don't normally work on commission. An executor is entitled to a reasonable fee for services rendered. The probate court may even have a published fee schedule based on hourly rates. The executor must submit a detailed accounting of the estates assets and the distribution, including their fees,to the court for approval.
What is an commission?
A reasonable fee an executor can charge for doing all the work (and there can be a lot of it) in executing a will. This fee will be on top of any expenses and will come out of the estate before any inheritance payouts. Heirs should be able to see what the expenses and commission are, should they wish to do so - it is the duty of the executor to keep detailed records/accounts.
Must an executor charge a fee?
No. They can choose to not charge a fee but that is up to the executor.No. They can choose to not charge a fee but that is up to the executor.No. They can choose to not charge a fee but that is up to the executor.No. They can choose to not charge a fee but that is up to the executor.
