Being an does an executor of a will get paid of a will is a huge responsibility and requires a lot of work. The person you choose for this job must be trustworthy, responsible and organized. They must also be able to keep careful records and stay up-to-date with all the financial aspects of your estate. In addition, they need to notify all the people who need to know about your death, including creditors, insurance companies and banks. Finally, they need to be able to manage the transfer of your property to the people named in your will or those who inherit under state law.
Depending on the size of your estate, the executor’s compensation could be anywhere from nothing to a percentage of your estate. Many states determine their compensation by a formula that diminishes as the value of the estate increases—for example, 5% of the first $100,000, 4% of the next $200,000, etc.
Wills and Estate Lawyers in Brisbane: Protecting Your Legacy and Ensuring Effective Estate Planning
You can also designate how much you want your executor to be paid in your Will. However, this can create confusion and disputes in some cases. Whether or not you include specifics in your Will, the executor’s fee should be based on state law.
Some people who agree to be an executor feel guilty about taking payment for this important job. They worry that they are stealing money from the family members who will receive their inheritances. However, there are reasons why you should agree to be compensated for this job: It will make it easier for the family to deal with your death; it will help your estate avoid taxes; and it will allow you to have peace of mind knowing that you have fulfilled your duty.