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In Tennessee, the estate executor files a petition with the court to receive payment for his duties. The petition includes a description of the assets of the estate along with a description of the services rendered. The estate executor requests an amount of compensation and then verifies that a copy of the petition was sent to all interested parties. The amount of compensation is based on the value of the estate and services provided by the estate executor.
CourtThe probate court in Tennessee presiding over the estate determines the fee for the estate executor. The court decides on an amount which it deems fair, reasonable and appropriate given all the circumstances involved in settling the estate. These factors include the size of the estate, involvement of estate executor in settling the estate and relationship of estate executor to the decedent. The court will also take into consideration any complex litigation involved in the settlement of the estate. If the testator indicates in his will how much the executor should be paid, the court will take this into account, but must set the fee in accordance with state statute.
Reasonable FeesIn determining the reasonable fees presented to estate executors, Tennessee courts take into account the value of the decedent’s gross estate. If the value of the estate is under $50,000 a minimum fee of $500 to the estate executor is considered reasonable. The percentage of the estate executor's fee decreases as the value of the estate increases. For example, for an estate valued at around $1,000,000, the estate executor would receive .5 to 1 percent of the estate's value. For an estate over $1,000,000, the estate executor would receive .25 to .50 percent.
Extraordinary ServicesTennessee courts also take into account extraordinary services when determining fees for an estate executor. Extraordinary services can prolong the administration of an estate and consume more of an estate executor's time. Examples of extraordinary services include sales or mortgages of real or personal property and lengthy contested litigation involving claims against the estate. Complex tax returns or audits by any federal or state agencies can take up more of an executor's time. Finally, the managing or selling of the decedent's business can be a consuming process. Tennessee courts value this extra time and compensate estate executors accordingly.
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In NJ is the Executors fee based on the gross or net amount of the estate?
Gross.
What if there is 2 executors Do they split the fee or do they each get 5 percent of the money?
Depends on the agreement.
Can executors fee be put on settlement statement without prior approval of all beneficiaries?
Yes.
Executors fee is based on a percent of what?
There is no fixed rule. Every company is different, it could be of the gross estate, it could be of the net estate, it could be of the property value. It could be anything, consult the executors
What is a reasonable executor fee?
A fee that represents a reasonable compensation for the amount of time and effort expended by the executor. In other words... there's no specific dollar amount; it depends on the details.
What does the term coindependent executors mean?
co-independent executors
Do the executors of a will have to jointly give permission for the other executors to see the will?
All executors have the right to see the will, they cannot execute it if they do not have access to it.
When a proprty is sold do both executors get the money?
Executors do not get the money, it goes to the estate. The executors distribute the estate per the will or laws of intestacy.
What happens if one executor wants to put her children as executors and the othe executor disagrees?
Executors don't appoint executors. The court appoints them.
Is an executor in Texas allowed a fee?
Executors are always entitled to compensation for their efforts unless the will specifies otherwise. And even if the will doesn't allow for it, the court may rule that they are entitled anyways.
How do you take your and your husbands name off a will as executors?
My husband and I are executors of a will and want to cancel this.
If there are two executors of an estate what fee do they receive?
In my case, the probate lawyer recommended the executor's fee to the judge. It was a percentage of the estate. Two executors would have received half of that amount in this particular jurisdiction. In other areas different criteria apply. No one should write a will with two executors. It is so much easier for one person to fill out forms and get stuff done. One person can write a check and divide a bank account between two people. One person can sell a piece of property and sign the deed. One person can split a stock account between two people. One signature is a whole lot easier to get than two signatures, especially when the other person is on an all around the world vacation and did not tell her brother where she was going.
