The size of the estate is less important than the types of assets involved and whether there are any complications. If extraordinary work is required, an extraordinary fee may be acceptable. These are essentially the same factors that can be found in Pennsylvania Rule of Professional Conduct 1. It's not appropriate for the executor to take a commission on that as the executor is not doing any work. For such advice, you should consult with an attorney.
Mom suffers from advanced dementia and is powerless to stop the removal of her belongings. Can I show up at court and ask the judge to audit the expenses? In Pennsylvania, judges have resisted the ease of applying a standardized fee schedule. If there is a problem, who do I get help from? The person who has passed away is called the decedent. If there is no will or the will is silent or unspecific on the matter of executor compensation, then state-specific rules come into play see below. By documenting everything among family members, if later debt pops up, everybody agrees to give the money back and the executor has managed their liability. You also should delegate what you can otherwise it could wind up costing an extra few months of mortgage payments and real estate taxes. Moreover, you need to remember that you must pay income tax on the commission.
Mom has requested the return of the items but is powerless as well as not competent to get results. If it is based on the amount of the estate, is that the total value of the estate prior to any bills and legal fees required to close the estate are paid? Five days before his death, the decedent transferred his family farm to his son with whom he lived. The second fee is reimbursement for expenses. If there is not enough money to pay all the debts, the creditors are paid proportionately. If it seems excessive, you should consider reducing the rate. It is not double dipping if the accounant is doing two jobs. This is something that folks should keep in mind when they are contemplating picking a fight with a fiduciary.
I am of the belief that you can be reimbursed for reasonable fees as well as collect a commission. Potentially, unique and challenging issues can be raised during administration requiring an adjustment. People do have the right to challenge the will, so Pennsylvania law requires that everyone who is supposed to know about this does know about the will. Again — it is a matter of what is reasonable. Distributing property to the heirs after all proper procedures have been followed. In other words, Judge Ott did not allow the son to both force the co-executors to expend significant additional effort and then argue that they should not be compensated for that additional effort. If the children disagree during the course of probate administration, a long-term family rift could develop.
I am not asking for any fee or commission but I want to charge the estate the expense of my time for all of the administrative duties in making this distribution. In fact, an executor or executrix is a party that is appointed by a Will; an administrator is a party that is not appointed by Will, but is approved by the Court; and a personal representative can be either a party named in a Will or appointed by the Court. When is formal Estate Administration required? There may be items that pass to beneficiaries outside the probate estate - like life insurance - not considered in the computation of Executor's fees. In consideration of the counsel fee as agreed, I will waive my share of the Executor commission to you. The legal plan is available in most states. When someone ways they are going to probate a will, it means that you are going to the Register of Wills and someone there will verify that the will is authentic and that you are indeed the executor. So you are most likely converting a 4.
An executor or administrator must obtain the necessary legal documents to enable him to act for the estate. It involves a significant amount of work. You can also be reimbursed for your expenses. They do not each get that amount. So, keep track of the time involved, multiply it by what you think is a fair hourly rate and see if it is line with the size of the estate. I am of the belief that you can be reimbursed for reasonable fees as well as collect a commission. Many executors are unaware of the full extent of their numerous responsibilities.
You don't just show up in court to contest this. If some property isn't listed in the will, follow the guidelines in Pennsylvania law. One of the executors wants to take a fee, but he thinks it should come from my husband's portion because he is not an executor. Updated May 16, 2019 A —sometimes called an administrator, an , or an executrix when a woman serves in this capacity—is typically entitled to be paid for her services. The requirement for a hearing might be waived, however, if all the beneficiaries are informed of the fees to be paid and they sign consents to authorize payment without a judge's order. Serving as Executor, Administrator, or Personal Representative of an estate in Pennsylvania can be a lot of work. Forgetting to advertise the estate.
If this certification is not properly and timely filed by the executor, the court will be notified of such delinquency. He is very easy to work with. However, in many cases, you get a little bit more than a split. Second, what kind of petition would I have to file to challenge the joint trust account so it can be part of the estate? Be careful not to pay yourself while leaving debts unpaid, as this may expose you to legal issues. Clearly a larger commission for the latter is justified. In other words, pay a fair rate to have it done quickly and well rather than incur costs later for having to redo it.