Executor's Commissions

Executor's Commissions

Executor's Commissions

Executor's Commissions

In almost all states, the commissions or fees of an executor or administrator are regulated by statute. The amounts and percentages vary both with the size of the estate and from one state to another. Before you proceed with the administration of the estate, you should sit down with your lawyer and have him explain to you the fees or commissions to which you are entitled. You may want to waive these fees or commissions since, if you receive them, they will be subject to income tax. You may feel that you would rather let your mother have the extra money, since it will be taxed at a much lower rate (state inheritance taxes are considerably lower than income taxes), and you may feel that not only do you want your mother to have the use of all of the money while she is alive, but that anything which she does not need will pass to you, your brother, and your sisters in the eventuality of her death. If this is your plan, discuss it carefully with your lawyer, since you must file a statement waiving your commissions. In some instances, failure to file the statement may result hi paying an additional tax.

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Have a clear understanding with the lawyer on the question of his fees. Agreements as to fees should be reduced to writ ing. The lawyer may not be able to tell you when you first present him with the WILL, or when he first offers it for probate, how much work will be involved. Someone may contest the WILL, someone may ask to have it construed after it is admitted to probate, and there may be a number of disputed claims. The best that your lawyer can do is show you the guidelines and state that his fee for the estate will not be less than x dollars and not more than y dollars, and that if there is any disagreement, you and he will apply to the surro gate or probate judge and let the surrogate fix the amount of the fee. In any event, before you proceed, and even while you are in the midst of your grief, have a talk with your lawyer about the fees and ask him to reduce the fee agreement to writing. In that way you and he will not have a misunderstanding, and you will remain his friend as well as his client

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