Executors fees are the fees payable to executors as compensation for probating and estate. The amount of executor fees can range from between 2% to 4% of the value of the estate or, in many cases, can be limited to ‘reasonable compensation’. As the amount which an executor can receive is set out under state law, this amount varies from state to state and also tends to decrease on a percentage basis as the size of the estate increases.
Remember also that as many executors are often relatives or close friends of the deceased they often do not charge executor fees for performing their duties as executor.
While executors get paid, they are generally unable to recover either executor fees for the provision of their services or reimbursement for out-of-pocket expenses without the prior approval of the court. In circumstances where it materializes that the executor was incompetent or failed to carry out his or her duties and/or responsibilities as executor, the court may deny the payment of executor fees to the executor or reduce the amount which ought to be payable to the executor.
How Can We Help You?
For more information on executor fees and probating an estate, check out our book entitled How to Probate an Estate. It explores the process from the moment the deceased passes away right through to the distribution of assets. Items such as death certificates, autopsies, funeral planning and asset management are discussed at length. It will also show you how to initiate and close probate with ease, learn how to locate and manage estate assets, deal with creditors’ claims, taxes, and trusts, avoid the common mistakes made by many executors and much more….
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