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Asked by KathyO 1 year ago in legal
What should an executor of an estate be paid if the estate is between 1 million and $500,000, and if the estate is relatively simple without legal contentions?
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Richard / Retired Dentist
Answered 1 year ago
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I am not a lawyer and good for me for that. I have been an executor of an estate and I have had some college law.
While you can specify in your will that an executor waive payment in order to be eligible to serve as executor, this is only suitable if the person named is a beneficiary of the estate or a very close personal friend, since being an executor is time consuming. You should expect your estate to pay an independent executor for this service. Banks or trust companies will not serve as executors of estates unless entitled to payment. If no executor is named in a will, a probate judge will appoint one, most often a bank or an attorney. This will likely increase the cost.

You can arrive at a ballpark figure if you use $250 + .05%.

Here is typical advice.
http://books.google.com/books?id=czg9AAA...

Attorneys will sometimes base their fees on what effort the beneficiaries contribute to the settlement of things.
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Damian22 / Share/Invester
Answered 1 year ago
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Legally approved fees are as follows:-
4.5% for the first £100,000, then 3.5% for the next £400,000, then 1.5% of the balance, £300 for each beneficiary and £50 for each asset over £50.
Note it will depend on the laws of the country, but for most western countries this is a reliable gideline.
Hope this helps you... Good luck !!!
Answered 1 year ago
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Here are some basic idea about executor service payments including almost all major aspects ,although UK based but you can get some basic info and have an estimate budget
http://www.apww.co.uk/services.htm#Execu...

An Executor or Trustee, whether a lay-person or a professional is legally responsible in law for:
*Ensuring that the death is registered.
*Organising the funeral.
*Ascertaining the interests, values and liabilities of the deceased.
*Investigating all outstanding aspects of the estate.
*Complying with the legal and fiscal requirements, completing affidavits and the various forms for the Probate Registry and Inland Revenue.
*Determining all tax liabilities.
*Negotiating valuations of all assets including property, shares, business interests etc.
*Payment of all outstanding bills and any debts.
*Administering assets - sale or transfer of property, shares, Bank and Building Society Accounts.
*If necessary, arranging the running of the business until disposal.
*Distribution of the estate as directed by the Will.
*Preparation of accounts.
In addition to those listed above, there may be many other tasks or unforeseen problems which will have to be carried out or dealt with before your family or loved ones can receive any income from your estate - these delays can cause financial hardship.

Many people say that banks and solicitors only write Wills so they can get the valuable Probate work It is understandable that friends and relatives may be reluctant to act as basic errors can make them personally liable for substantial damages. However, on a simple £100,000 estate, Banks & Solicitors charges could range from £3,000 to £5,00 +. We can save you money is several ways:
1) Sole Executorship - we do not recommend ourselves as sole Executors: this is always the most expensive option and is not often appropriate.

2) Reserve & Advisory Executorship - SWW Trust Corporations Unique & economical option - with this service, our service is available to assist and advise your Executors - when and if they wish. Should your Executors die or be unable or unwilling to act, we will then step in as emergency Reserve Executors.

3) Low fees - our specialist service charges only for the level of expertise required by the task - why pay £180 an hour (or more) for relatively straightforward work? Generally speaking, we would expect to save you (or your heirs) at least 25% over traditional methods, and often much more. Call them on 01522 687 888 Option 2 for find out.
*****Please convert pounds to USD to have an estimate*****
For more please visit
http://www.apww.co.uk/services.htm#Execu...

Here is another site about legal advice and info about executors service,payments.....
http://www.leanlegal.com/faq_executor.as...

Here is .doc file to download info containing the payment for services under the present Agreement is effected on the ground of prepayment. The placement of funds into the Executors’ account
http://www.pravo.uz/english/online/agree...
Source Google Serach, <a href=" http://www.apww.co.uk/services.htm#Execu... target=_blank rel="nofollow"> http://www.apww.co.uk/services...</a&... <a href=" http://www.leanlegal.com/faq_executor.as... target=_blank rel="nofollow"> http://www.leanlegal.
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