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Thomas McJD
Thomas McJD, Attorney
Category: Estate Law
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Experience:  Wills, Trusts, Probate & other Estate Matters
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does the executor of a will get any kind of extra money from

Resolved Question:

does the executor of a will get any kind of extra money from the estate for handling the estate in Virginia?
Submitted: 3 years ago.
Category: Estate Law
Expert:  Thomas McJD replied 3 years ago.

First, it depends on what the terms of the will provide in the way of compensation to the executor.

 

Second, here is a publication by the Supreme Court of Virginia thoroughly addressing the subject. Basically, if the will doesn't cover the subject, the executor will be allowed reasonable compensation that will vary depending on the estate size and the amount of work involved. There is basic presumption that certain percentages from 5% to 2% of the estate would be a reasonable fee (the percentage that is applicable depends on the overall value of the estate).

 

http://www.danvillecoa.info/fiduciary.pdf

 

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Edited by TMcJD on 8/9/2010 at 2:11 PM EST
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 6508
Experience: Wills, Trusts, Probate & other Estate Matters
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