If you are executor of an estate do you get more money?

Answer 1

No sometimes, like me, I got 12,000 dollars of debt... hehe

Seriously though, you get their bills too...

Answer 2

Generally, yes; the Answer before mine is the closest to correct. The Executor (or Executrix if a woman), now known as the Personal Representative of the Estate, generally receives a percentage of the total estate value, on a declining percentage scale (e.g., in Maryland, the P.R. commission is 9% to $20,000, then 3.6% for all over $20,000; see Annotated Code of Maryland, Estates & Trusts Article, §7-601).

No debt is passed to the Personal Representative. The P.R. commission is paid as an administrative expense of the Estate. It is, generally, not taken until an account of the Estate is filed with the Register of Wills/Orphans' Court, with due allowance for Interested Persons to take exceptions to the account (i.e., for them to object.)

Don't take on the job just for the money, though. Sometimes it is not worth the money, because the person had more debt than everyone thought they had, OR there is so much work that it can be overwhelming, etc.

I hope this helps.

Answer 3

The Executor of an estate usually gets his title by being a trusted person.Or maybe by being the only available person.
Most times the person who's estate is in question provides a little extra incentive to the executor,whether it be in their will,or otherwise.
The Executor is responsible for the fair and legal distribution of the assets of said estate in case of death according to a written will,or sometimes while the owner of said estate is still alive.In that case it is called Power of Attorney.Power of Attorney requires even more trust on the part of the owner of the estate.The Executor is then entrusted to make sure that the estate owner,and all his/her business is taken care of as usual...possibly because they (the owner of estate) might not be physically or mentally able to do these things theirself.
I've personally known atleast one individual who violated the trust of Power of Attorney and plundered the accounts and funds of a relative.He had great fun for a few years,but ended up getting jail time for it.
If you're being selected for a position like Executor or Power of Attorney then you'd better make sure that you're up for the responsibilities that go with the privelege!

Answer 4

If you are an executor you are entitled to an executor's fee. Consult with a lawyer for the percentage. Keep in mind though that if you do take the percentage, that you have to claim it as 'income from another source' on your income tax for that year. If you are entitled to a share of the estate, sometimes it is better to just waive the fee as inheritances are tax free and you are going to get part of that money anyways..

Answer 5

you *can* keep track of your time spent on estate business and pay yourself a small wage....but that might cause tension among the heirs. it can be a LOT of work to be an executor but a big part of the challenge is keeping the peace among the various parties involved.

Answer 6

Yes you should get a 5% or 6% fee before anything gets divided up so you do receive more. It might be more though, its a standard that you should be able to look up.

Answer 7

The "executor" is usually a trusted person who gets nothing.

Why?

Who are you planning to kill?

Answer 8

you might, it all depends on what the person left you, it should be in the will. for the most part your answer should be a Yes.

Answer 9

no just more headache. and you are responsible to the court or probate