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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 22:46, 21 July 2015
, 22:46, 21 July 2015→Does an executor get paid?
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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. | ||
Sometimes the will leaves the executor a special gift for doing the job. In this case, he or she will get an executor’s fee as well, but only if the will says so. The executor may prefer to take a gift rather than a fee because a fee is taxable but the gift (ie. | Sometimes the will leaves the executor a special gift for doing the job. In this case, he or she will get an executor’s fee as well, but only if the will says so. The executor may prefer to take a gift rather than a fee because a fee is taxable but the gift (ie. jewellery, cash, or real estate given under the will) is not. | ||
Often an executor does not accept a fee. This is common if the executor is a spouse, family member, or close friend. An executor who is also a beneficiary may apply for a fee, unless the will says that this cannot happen. If there is more than one executor, the fee is split, but not always equally. | Often an executor does not accept a fee. This is common if the executor is a spouse, family member, or close friend. An executor who is also a beneficiary may apply for a fee, unless the will says that this cannot happen. If there is more than one executor, the fee is split, but not always equally. | ||
