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Difference between revisions of "Introduction to Being an Executor"
From Clicklaw Wikibooks
Introduction to Being an Executor (view source)
Revision as of 22:19, 22 July 2015
, 22:19, 22 July 2015→Does an executor get paid?
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===Does an executor get paid?=== | ===Does an executor get paid?=== | ||
Any expenses the executor has while settling the estate are paid for out of the estate. Examples of expenses are photocopying, postage, and long-distance phone calls. | Any expenses the executor has while settling the estate are paid for out of the estate. Examples of expenses are: photocopying, postage, and long-distance phone calls. | ||
Sometimes the will states the executor’s fee. This is the maximum the executor can receive. If the will does not list any fee, the executor may take up to five percent of the gross value of the estate and five percent of the income. The amount depends on how much work is involved and whether the executor hires professional help or does it all him or herself. In cases where the executor continues to act over a long period, the executor may also receive an annual care and management fee of .4% of the estate. | Sometimes the will states the executor’s fee. This is the maximum the executor can receive. If the will does not list any fee, the executor may take up to five percent of the gross value of the estate and five percent of the income. The amount depends on how much work is involved and whether the executor hires professional help or does it all him or herself. In cases where the executor continues to act over a long period, the executor may also receive an annual care and management fee of .4% of the estate. | ||
