Are executors paid?
by David M. Israel
Executors may be compensated for their efforts in distributing
the estate and doing all other necessary work. By law,
their compensation should be approximately five percent of
the value of the estate. The calculation does not amount
to taking five percent directly from the estate, however. Adjustments
must be made in cases where executors are also beneficiaries
under the will. If there is more than one executor,
their fee is divided amongst all of them.
It is difficult to estimate the workload of an executor without
knowing the size of any given estate. On average, executors
may spend between ten and one hundred hours dealing with estate
matters. The hours spent and compensation received by the executors
is in a direct correlation to both the size and complexity
of the estate.
To contact the author, please email disrael@smhilaw.com
The information contained in this message is general
and should not substitute for the advice and counsel of
a licensed lawyer. |
