What is a reaonable fee to be the Executor of an estate for a family member??

Question

MY Sister is the EXECUTOR of my Mother's very small estates (less than $15000). What would a reasonable fee be for acting as the Executor of the estate.

Basically she arranged for the cremation, closed her bank accounts, gathered the funds into one account and is now ready to disburse them.

THANKS, EVERYBODY !!!!!

Answer 1

Most states will have guidelines for this. In Illinois, named executor or executrix could get 5% of the estate. This is above their share they are granted in the will if they are named.

This if or their time and processing fees. Although the lawyers and funeral home do rela good on this also.

Answer 2

By law in most places the executor or executrix is entitled to 5% and if you take this much from the estate you will NOT be in for any criticism from the family.

Huge fights have been started because one of the beneficiaries screamed when he heard his sister (who was executrix) got her $40,000 check from the estate. I recall the case and asked one of the family later on what happened.

The girl called all the family together at a nice party (in order to be sure all would come). Then she called for attention and introduced a lawyer who she did not know or never had been seen by her but just hired to come to the party and then asked him to explain how much an executor should get on an $800,000 estate.

The lawyer explained that $40,000 was the legal amount allowed/


Those complainers then shut up and the girl received NO further criticism.

Answer 3

I am the executor of my father's estate valued at well over $500,000 (he is still with us thank God). But, when discussing this with my father I told him that I didn't want anything more for it. I will do what is needed once he passes out of love. Not for additional money.

It is set that expenses are taken out and the rest is distributed evenly among my other two siblings.

Answer 4

I did my grandmother's very small estate ($6000) and was told 10% of the estate was the acceptable going rate in NY.

Answer 5

Md sets fee at 10%. Other states have other schedules or none at all.

There is a lot of time that goes into it. death certs have to be brought to the banks etc. notices to creditors and debtors etc. cars have to be retitled.