An Estate Executor generally makes between 60,000-74,000 USD annualy. Although, if they have a boner, they will make more.
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
The executor had no idea how much work was required in settling an estate.
They are pretty much in charge of the estate. Only the court can over ride the executor.
it depends on the will but the norm is about 10% of the total estate
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.)
PetitionIn Tennessee, the estate executor files a petition with the court to receive payment for his duties. The petition includes a description of the assets of the estate along with a description of the services rendered. The estate executor requests an amount of compensation and then verifies that a copy of the petition was sent to all interested parties. The amount of compensation is based on the value of the estate and services provided by the estate executor.CourtThe probate court in Tennessee presiding over the estate determines the fee for the estate executor. The court decides on an amount which it deems fair, reasonable and appropriate given all the circumstances involved in settling the estate. These factors include the size of the estate, involvement of estate executor in settling the estate and relationship of estate executor to the decedent. The court will also take into consideration any complex litigation involved in the settlement of the estate. If the testator indicates in his will how much the executor should be paid, the court will take this into account, but must set the fee in accordance with state statute.Reasonable FeesIn determining the reasonable fees presented to estate executors, Tennessee courts take into account the value of the decedent’s gross estate. If the value of the estate is under $50,000 a minimum fee of $500 to the estate executor is considered reasonable. The percentage of the estate executor's fee decreases as the value of the estate increases. For example, for an estate valued at around $1,000,000, the estate executor would receive .5 to 1 percent of the estate's value. For an estate over $1,000,000, the estate executor would receive .25 to .50 percent.Extraordinary ServicesTennessee courts also take into account extraordinary services when determining fees for an estate executor. Extraordinary services can prolong the administration of an estate and consume more of an estate executor's time. Examples of extraordinary services include sales or mortgages of real or personal property and lengthy contested litigation involving claims against the estate. Complex tax returns or audits by any federal or state agencies can take up more of an executor's time. Finally, the managing or selling of the decedent's business can be a consuming process. Tennessee courts value this extra time and compensate estate executors accordingly.
If there is no will then there is no executor. If there is no will then the court will appoint an Administrator for the estate and the Administrator will have the power to collect and inventory the property, pay debts and creditors, distribute the remaining estate and sell the real estate if they apply for a license from the court to do so. The law will direct who will get the remaining assets as the legal next-of-kin and how much each will get.
A court appointed executor must settle the estate with as much expediency as possible. When the executor acts in an unreasonable manner a complaint an be filed with the court. The court will hear the evidence and if it decides the executor is not performing their duties appropriately it can issue a court order to compel the executor to act. If the neglect continues the beneficiaries can request the executor be removed and a successor appointed. You should speak with the attorney who is handling the estate.
The estate pays the probate attorney. The amount will depend on the agreement the executor makes with them.
They need to close the estate. This is much easier when the spouse inherits everything.
The executor will have a letter of authority from the court. That should allow them to see the transactions involved.
Pretty much, the debtors can require it and can even petition the court to become the executor.