10%
The executor is entitled to compensation for their time and effort. The court will approve the payment at the going rate.
The court appointed Executor of a will is entitled to payment or monetary compensation for taking on the task of performing the executor's duties. Generally, there is a statutory rate depending on where you are located. A death benefit that has no named beneficiary would be paid over to the estate. The Executor can pay herself the statutory rate out of the assets of the estate the same as payment of any debt, before any assets can be distributed to the heirs.Apart from statutory compensation that is reported to the court, the Executor is not permitted to simply take any assets and convert them to her own use.
As an executor, you may be entitled to a fee for your services. This fee is typically a percentage of the estate's value or a flat fee specified in the will. Consult with a probate attorney to determine a fair and reasonable compensation for your time and effort in settling your sister's estate.
The executor's fee is compensation for the work done. It is often calculated as an hourly rate, plus appropriate expenses (mileage, phone calls, etc.). In some places it is capped by law to a certain percentage of the estate's value.
They don't have to be paid if they don't want to be paid. But they are entitled to be compensated for their time and effort. And the estate won't be closed if there are outstanding debts, including money owed to the executor.
The rates of compensation of executors are fixed by the laws of the state in which the will was probated. Generally, executors get a percentage of the "corpus" and of the "income" of the estate. "Corpus" means the assets of the decedent at the date of his death. "Income" means interest, dividends, rents, etc earned by the corpus after the date of death. You must check the probate state's laws for the actual percentages AND what types of property qualifies as "corpus". For example, at least in New Jersey an executor might, in certain circumstances, not be entitled to commissions on the value of, say, real estate that passed to a joint owner.
Executors and administrators shall be allowed commissions upon the amount of all the personal estate, including the income from the personal estate, that is received and accounted for by them and upon the proceeds of real estate that is sold as follows: (A) For the first one hundred thousand dollars, at the rate of four per cent; (B) All above one hundred thousand dollars and not exceeding four hundred thousand dollars, at the rate of three per cent; (C) All above four hundred thousand dollars, at the rate of two per cent. Executors and administrators also shall be allowed a commission of one per cent on the value of real estate that is not sold. Executors and administrators also shall be allowed a commission of one per cent on all property that is not subject to administration and that is includable for purposes of computing the Ohio estate tax, except joint and survivorship property. The basis of valuation for the allowance of such commissions on real estate sold shall be the gross proceeds of sale, and for all other property the fair market value of the other property as of the date of death of the decedent. The commissions allowed to executors and administrators in this section shall be received in full compensation for all their ordinary services. If the probate court finds, after hearing, that an executor or administrator, in any respect, has not faithfully discharged his duties as executor or administrator, the court may deny the executor or administrator any compensation whatsoever or may allow the executor or administrator the reduced compensation that the court thinks proper.
"Reasonable compensation" is what the law says. Division III - Title 20 Probate and Administration of Decedents' Estates (DC ST 1981 § 20-751). Typically that would be at the normal hourly rate for the individual performing the work.
Yes. A court appointed executor is entitled to be paid for their service and the rate is set by state law. If there is a will, there may be a clause that restricts it for a family member serving as the executor. Depending on the jurisdiction, that may be valid.
Only if that is what the will calls for. Normally the property has to evaluated and sold at a market rate.
If the estate contains enough assets to settle all of the debts, they can. Also, the executor is, by law, entitled to be paid for their time. The rate is often set by law and the probate judge has to approve the distribution. If they have properly documented their time, it is reasonable to bill the estate and collect it.
The executor is, by law, entitled to be paid for their time. The rate is often set by law and the probate judge has to approve the distribution. If they have properly documented their time, it is reasonable to bill the estate and collect it. This amount is separate from the amount they are to receive from the estate.