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I practice in California. I will tell you how it works generally in CA.
In CA, the deceased names the executor in their will. If the named executor declines, then any other interested person can petition the court to be named executor. The named executor has 30 days after notice of the death of the decedent or they can be deemed to have waived the right to appointment as personal representative.
If there is no will/executor, the public administrator in the county where the estate will be administered will petition the court to be named as the public administrator (i.e. executor). The public administrator, as well as the attorney for the public admininstrator, is entitled to the same statutory fees as a private executor. In CA the fees are set forth as a tiered percentage of the gross estate value.
For an estate valued at $200k, the percentage is 4% of the first $100,000, 3% of the next $100,000, and 2% of the next $800,000.
As to whom to select, there are pros and cons as you probably guessed. A family member may know the family better, and may know the deceased person's wishes better. A family member may also keep administrative fees down. But, a family member may not be experienced with handling estates, or may not be impartial. A public adminstrator may not know the family as well, may incur higher administrative fees, but has experience in adminstering estates, and has no emotional bias.
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Must an executor charge a fee?
No. They can choose to not charge a fee but that is up to the executor.No. They can choose to not charge a fee but that is up to the executor.No. They can choose to not charge a fee but that is up to the executor.No. They can choose to not charge a fee but that is up to the executor.
What is executor fee of will in Louisiana?
It can be up to 10% of the entire worth of the estate.
Should sibling who is executor and is inheriting estate residual be able to get executor fees from other sibling who is inheriting most of estate in real estate?
Yes. There is a lot of work and responsibility involved in being the executor of an estate. The one sibling/beneficiary who is appointed should not be reqired to work for the other beneficiary for free. In some cases the executor may not charge the statutory fee, however, they should not be expected to work for free. The executor fee should be paid from the estate. If one of two sibling is inheriting real estate then they should make a cash contribution equal to one-half of the executor's fee.
Does the executor work for the beneficiary?
No, the executor works for the estate. The estate will pay the executor a reasonable fee. The beneficiary has limited direction that they can give the executor.
Does the executor fee continue as long as the estate has property?
Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.
Who pays the executor of the estate?
The estate pays the executor. The fee is either approved by the court or proscribed by law.
What is the estate executor fee in Saskatchewan?
5 percent
Does the executor's fee come off the top of the estate?
The decedent's debts, the costs of administration and the executor's fee must be paid by the estate prior to the distribution of any assets.
Is the executor of an estate paid on full value of house or what is owed?
The executor's fee is based on the value of the estate. Money owed is not a part of the estate, it is a claim against the estate.
