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The estate is responsible for attorney's fees. The executor is responsible to pay the debts of the estate before any property can be distributed. If the executor mishandles the funds they will be personally liable.
Wiki User
∙ 14y ago
Wiki User
∙ 11y agoThey are not personally responsible. The estate is responsible for paying the costs.
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Pertaining to this answer Who will be responsible for the lawyers fees?
If you have a repossession then the lawyer fees will be charged to you.
What do lawyers get out of the will?
Lawyers typically get paid an hourly fee for helping an executor with a will. If they are the executor of the will, they will record their hours and bill the estate for them. In this case it is to their benefit to keep the estate open as long as possible. But all fees have to be approved by the court, so they have to be reasonable.
What are executor's fees in Florida?
The executor's fees in Florida may vary. However, generally the executor's fees in Florida are around 1.5-3% depending on the amount of money.
Does Kentucky's executor compensation limit of 5 percent include expenses?
As a general rule, executor compensation is in addition to fees. For example, if the executor pays $400,000 in lawyers' fees, as an expense of the estate, it has no impact on the claim for a percentage as a fee. Many family executors or administrators waive any fee and consider it a privilege to assist in interpreting the intent of the decedent.
What are Connecticut's executor fees?
Most states have executor fees of 2-5%. Connecticut law does not state these fees, and only states what is reasonable compensation.
What is the fee an executor is entitled to in Colorado?
What are executor fees in the state of Colorado?
Do the beneficiaries approve executor fees in Oregon?
No, they do not approve executor fees. The probate court will do that and in most cases it is limited by law.
What is the executor fees in Oklahoma?
2%
How about the family member don't want to sign off of executor fees?
Executor fees are set by law. The family does not have to sign off on them.
Does an executor get anything from the estate?
The executor does not have to be a beneficiary. The court can appoint any responsible person to serve in that capacity.
Are executor fees taxable if the executor receives none of the inheritance?
Fees received by an executor are not classified as inheritance and therefore are not subject to an inheritance tax, but they are classified as income, and are subject to income tax.
Are executor fees taxable?
Executor fees are considered income. As such they are subject to income tax at a federal and state level. Depending on the situation, it may be beneficial to waive the fees if the executor is inheriting a part of the estate. Consult a tax attorney or CPA.
