What are executor fees and how are they calculated?
An example of an AI chatbot conversation about executor fees and compensation.
What are executor fees and how are they calculated?
Executor fees are payments made to the executor of an estate for their services. They can be calculated as a percentage of the estate's value or as an hourly rate.
Is there a standard percentage for executor fees?
Yes, many states have guidelines suggesting a percentage between 2% to 5% of the estate's value, but it can vary.
Can the executor charge for additional expenses?
Yes, executors can charge for reasonable expenses incurred while managing the estate, such as legal fees or travel costs.
How do I ensure the executor's fees are fair?
You can review state guidelines, compare with similar estates, and discuss fees upfront with the executor to ensure fairness.
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