Video Summary
Does an executor of a Will receive pay or are they entitled to be paid? The answer is yes. Under our Florida statute, it provides that the executor presume a reasonable fee is 3% of the assets of the estate. Also, when dealing with executors, particularly with small estates, that may be complicated, I suggest they keep track of their time rather than trying to rely on the 3% because that may not adequately compensate them for what’s involved as far as researching matters and then have them compensated for whatever time they spend on that. And depending on what jurisdiction you are in or what county you’re in, is what hourly rate would be justified for their efforts. As far as serving as the executor and whatever the fee is, is also up to the beneficiary. Since any beneficiary who’s receiving a residual portion of the estate bears the impact of the fee, it’s subject to the beneficiaries objecting to it. So many times, if the executor is also a beneficiary of the estate, they would waive that. Since it’s taxable income, since they’ll be receiving it, the money has a beneficiary of the estate. So if you have any questions about it, give me a call at (727) 847-2288.