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The executor of a will is entitled to compensation. It has to be fair and reasonable. It also has to be approved by the probate court.
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Can the executor of a will receive compensation for being executor and beneficiary?
Unless specified otherwise in the will, an executor is entitled to compensation for their work. Anything they inherit is a separate accounting.
Does being the daughter as executor of a will allow compensation be paid by estate?
The executor is entitled to compensation as proscribed by the will or the law. The relationship of the executor to the decedent does not matter.
Does an executor of a will get compensated?
The executor of a will is entitled to fair compensation. The amount needs to be reasonable and well documented. The probate court also has to agree that the amount is fair.
How do you calculate executors compensation when you are also a beneficiary?
The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.
If you sign papers to take you off as an executor can you still get paid for the work you are doing as an executor?
Your are entitled to reasonable compensation for the work that you did. The accounting should be submitted to the court with the change papers.
Can an executor of an estate get reimbursed for vacation days used on estate business?
The executor is entitled to compensation for work done on the settlement of the estate. The use of vacation days is not a factor. Some states specify what is reasonable compensation and list the fees allowed.
Is an executor in Texas allowed a fee?
Executors are always entitled to compensation for their efforts unless the will specifies otherwise. And even if the will doesn't allow for it, the court may rule that they are entitled anyways.
Does the executor of an estate receive payment for carrying out duties to distribute proceeds of an estate in Ontario Canada?
The executor is entitled to compensation for their time and effort. The court will approve the payment at the going rate.
What is the format for an estimization of fees for an executor?
This is a general answer. It is rather a guideline or example of how you can determine fees for an executor. An executor is entitled to compensation. the beneficiaries are entitled to review and approve or disapprove of the level of compensation. If the beneficiaries do not agree with the level of compensation, a court must set it. The amount of the executor's compensation may be adjusted up or down based upon a number of factors. these factors include: a. The total value of the estate; b. the complexity of the estate; c. The time spent by the executor in the discharge of their duties; d. the skill displayed by the executor in the administration of the estate; e. The degree of care exercised by the executor; f. The results of the administration and any investments made by the executor. There used to be a rule, which prohibited an executor from "pre-taking" compensation before it had been approved the the beneficiaries or fixed, by the court. This rule has been modified by recent court decisions. As a result, an executor is entitled to "pre-take" compensation beforfe it has been approved by the beneficiaries or by the court. It is generally prudent to obtain beneficiary or court approval before taking the compensation. In the event that compensation is pre-taken, if it is ultimately determined by a court to have been excessive, the executor will be required to pay the excessive amount together with interest. The preparation of accounts, income tax returns, management of investments, and other estate administration are the duty of the trustee. In appropriate cases, these functions can be delegated to qualified expers (accountants, lawyers, property managers, etc.) and the cost of such experts will be paid in addition to the executor's compensation.
Can executors charge for their services?
An executor is entitled to compensation. the beneficiaries are entitled to review and approve or disapprove of the level of compensation. If the beneficiaries do not agree with the level of compensation, a court must set it. The amount of the executor's compensation may be adjusted up or down based upon a number of factors. these factors include: a. The total value of the estate; b. the complexity of the estate; c. The time spent by the executor in the discharge of their duties; d. the skill displayed by the executor in the administration of the estate; e. The degree of care exercised by the executor; f. The results of the administration and any investments made by the executor. There used to be a rule, which prohibited an executor from "pre-taking" compensation before it had been approved the the beneficiaries or fixed, by the court. This rule has been modified by recent court decisions. As a result, an executor is entitled to "pre-take" compensation beforfe it has been approved by the beneficiaries or by the court. It is generally prudent to obtain beneficiary or court approval before taking the compensation. In the event that compensation is pre-taken, if it is ultimately determined by a court to have been excessive, the executor will be required to pay the excessive amount together with interest. The preparation of accounts, income tax returns, management of investments, and other estate administration are the duty of the trustee. In appropriate cases, these functions can be delegated to qualified expers (accountants, lawyers, property managers, etc.) and the cost of such experts will be paid in addition to the executor's compensation.
Does executor get left anything in the will?
That will depend on the will. There is nothing to prevent the executor from being left something, and they can collect a fee from the estate.
How do you get back expenses for settling a dead guy estate for the family?
The appointed executor of an estate is entitled to compensation, usually set by law in most states and jurisdictions.
