It can be a very time consuming job to be appointed as someone’s executor of their estate. This role can last for longer than a year as the person has numerous different responsibilities in closing out the estate. Most states, including California enable a person appointed as a personal representative or executor to receive compensation for their work.
These schedules exist in California so that a party who is appointed as an executor or personal representative can be fairly compensated for the work they do as it relates to distributing assets, paying creditors and organizing aspects of the estate.
Since there’s so much work involved for an executor, make sure you understand this role before someone else appoints you in this position.
The compensation schedule is based on the overall value of probated assets inside the estate. This includes:
- 4% of the first $100,000 probated assets.
- 3% of the next $100,000 of probated assets.
- 2% of the next $800,000 of probated assets.
- 1% of the next $9 million of probated assets.
- 5% on the next $15 million.
- Reasonable court determined amounts for all asset values over $25 million.
The fee should be divided among executors if more than one executor is appointed to the case. Furthermore, this fee schedule does not cover any extraordinary services that an executor must undertake in order to accomplish their job. These would be compensated separately. For more information or questions about the process of naming someone as an executor and what this means as far as their role, it is important to schedule a consultation with a Pasadena estate planning law firm.