0
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.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
What is rate of compensation the executor of estate in Tennessee?
10%
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.
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.
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.
Can an executor keep a death benefit by law without being named as a beneficiary?
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.
Does the executor of an estate pay attorney fees out of their compensation?
They do not pay the estate attorney's fees, the estate does. If they hire their own attorney, yes, they have to pay them.
What should I charge as executor on my sister's estate.?
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.
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.
What does it mean to be the executor and a heir?
It means they are responsible to administer the estate. They will also receive some of the estate as an heir.
Does the executor's fee include personal expenses and personal labor incurred during the administration of the estate or should this be billed separately to the 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.
Can your sister who is listed as an executor along with you also as an executor try to have you removed as an executor on your mothers will?
Yes, she can petition the court to be the sole executor. If there is conflict, the court may very well appoint a third party, a bank or attorney, without a vested interest in the estate. This typically costs the estate money in the form of compensation to the executor.
Are executor fees taxable income if the deceased was a family member and the executor was also a beneficary?
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
