The does the executor of a will get paid of a will (or administrator, if there’s no will) has a lot of duties during probate that can take months or even years to complete. They also have a right to be compensated for their time and efforts.
The testator, or drafter of the Will, can stipulate how and if the executor should be paid in their Will. However, if there’s no will or it’s silent on the matter, state law will determine compensation. This varies from state to state.
The Role of a Will Lawyer in Brisbane: Why Professional Legal Guidance is Crucial for Effective Estate Planning
In some states, the executor can be paid a flat fee or on an hourly basis, while in others it’s based on percentage of the estate value. This is typically tiered, such as 4% on the first $100,000, 3% on the next $800,000, and so on. In some cases, the court can award an extra fee for special circumstances, like handling business interests or litigation on behalf of the estate.
It’s important to note that the executor’s fee is taxable income for them. For this reason, some beneficiaries will choose to waive the fee if they are listed as an executor in the Will.
As you can see, the question of does the executor of a will get paid is a complex one with many factors at play. This is why it’s best to consult a lawyer or financial planner before making any decisions.