How much does an executor get paid?

How much does an executor get paid?

Attorney Gadi Zohar explains:

An executor is definitely entitled to get paid for their services. There are two different kinds of payment. There are statutory fees. Those are set by law and they’re a percentage of the estate. As a general rule, for example, if an estate is worth $1 million, the executor would be entitled to $23,000 in statutory fees. Those are just set as a percentage of the assets in the estate.

Another type of fee that the executor could get paid is extraordinary fees. If they’re doing extraordinary services, an experienced probate attorney can advise them on keeping track of their hours and if the services are beyond typical probate services that are covered under statutory fees, you can get paid extraordinary fees on top of statutory fees for acting as executor.

It’s important to have an experienced probate attorney who’s not only familiar with the law, but also familiar with the norms in your particular jurisdiction when it comes to asking for your statutory fees, and especially when it comes to asking for extraordinary fees in those cases where they’re called for.