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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.
What else can I help you with?
What percentage of executors or administrators charge the estate?
There are no clear numbers on the percentage of executors that charge the estate for their services. Estimates put this number at anywhere from 40 to 75 percent.
If money is paid from a trust to a trustee is that taxable income?
Money paid to trustees and executors for their services is taxable compensation. More information is provided at the link below.
Do you charge sales tax for landscaping?
Taxes vary by jurisdiction. In Ontario (where I am typing) you would charge the goods and services tax (GST).
In NJ is the Executors fee based on the gross or net amount of the estate?
Gross.
Why do states charge income tax?
To provide money to operate state government services.
What percentage of executors or administrators charge the estate?
There are no clear numbers on the percentage of executors that charge the estate for their services. Estimates put this number at anywhere from 40 to 75 percent.
If there are 3 siblings appointed as executors and 1 disagrees what happens?
I am assuming that the oldest executor will take charge
What does the term coindependent executors mean?
co-independent executors
Do the executors of a will have to jointly give permission for the other executors to see the will?
All executors have the right to see the will, they cannot execute it if they do not have access to it.
When a proprty is sold do both executors get the money?
Executors do not get the money, it goes to the estate. The executors distribute the estate per the will or laws of intestacy.
What happens if one executor wants to put her children as executors and the othe executor disagrees?
Executors don't appoint executors. The court appoints them.
How do you take your and your husbands name off a will as executors?
My husband and I are executors of a will and want to cancel this.
Is it legal to take executor fees in Wisconsin?
Yes, it is generally legal for executors to take fees in Wisconsin. The law allows executors to be compensated for their time and services in administering an estate. However, the amount of fees must be reasonable and must be approved by the court if there is a dispute.
Can there be 2 executors of a will?
Yes, it is possible for a will to have two executors who are responsible for carrying out the wishes outlined in the document.
If money is paid from a trust to a trustee is that taxable income?
Money paid to trustees and executors for their services is taxable compensation. More information is provided at the link below.
Who is in charge in social services?
me
What is the hourly rate for an executor?
The amount an executor can charge varies from state to state. You need to check the laws in your state. You could try a search for 'executors fees in your state'.
