There is a lot of work to be done when you take on the role of executor. Undertaking the responsibility is both time-consuming and mentally exhausting. Even though you may feel it is your duty to perform the role, you may wonder whether there is any financial benefit. This short answer is yes. As an executor, you can receive payment for your efforts. Learn more about how executors may be compensated for their assistance in administering the estate.
Initial Considerations
In most cases, a person acts as the executor of the estate for a family member. As such, it may seem like you have a moral obligation to get the job done. In this sense, it can seem inappropriate to expect payment for your services. However, as mentioned above, acting as an executor is a fairly demanding task. As such, you should feel comfortable in charging a fee to the estate for services performed.
It is also important to remember that you were probably chosen to be executor for some reason. Perhaps you have some useful business or organizational skills. On the other hand, you may be good at working with others, or resolving conflicts. In this sense, you are providing a special service to the estate. Thus, it is only right that you accept some sort of compensation for your contribution.
What Can You Expect to Receive?
Most executors wonder how much they are entitled to collect for performing their role. In some cases, the will sets out a specific amount. On the other hand, a probate court may allow you to take a reasonable fee amount. In Utah, courts will use a reasonable compensation formula to determine what an executor is entitled to. In making the determination, the court will look at the size of the estate, the complexity involved, the qualifications of the executor and the customary fee rate.
In sum, there are many different considerations when acting as an estate executor. Be sure to consider the opportunity for compensation as well. You can consult with an estate lawyer to get more information about the role and responsibilities of an executor.
If you need help with an estate law matter in Utah, contact us at the Law Office of TR Spencer & Associates.