My parents want me to be the executor of their Will but want to make sure I am compensated, is this legal?
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My parents want me to be the executor of their Will but want to make sure I am compensated, is this legal?
They said that I should receive a fee for doing this. Is this legal and what is is the normal fee for doing this. My dad suggested 10% of the estate value. Can they request this in their Will?
Asked on July 19, 2010 under Estate Planning, Kansas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Yes, it is indeed legal. Executor's are compensated for their service but the amount is not set by the testator(s) (your parents) it is generally set by state statute. Executors can also waive their compensation due them under most state statutes. And yes, generally a paragraph in the Will addresses the naming of the executor, the issue of a bond for their service and their just compensation. The Executors fee is a cost of the estate and does not come out of any one in particular share of the estate. But it does reduce its size, which in some cases is good for tax purposes. So don't worry.
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