How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RayAnswers Your Own Question
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 37010
Experience:  Texas lawyer for 30 years in Estate law
8534270
Type Your Estate Law Question Here...
RayAnswers is online now
A new question is answered every 9 seconds

Is it customary exetuter of a 500,000 estate to get

Customer Question

Is it customary for the exetuter of a 500,000 estate to get a payment for his work as exetutor
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.
Hi and welcome to JA. I am Ray and will be the expert helping you tonight.
Yes it is common for the executor to be paid a fee or commission.If you give me your state I can get you the law for that state.
Thanks be happy to follow up when I get more information.
Customer: replied 1 year ago.
pennsylvania
Expert:  RayAnswers replied 1 year ago.
The laws in Pennsylvania that relate to Executors and Administrators can be found in the Probate, Estates and Fiduciaries Code, often referred to as the "PEF Code." The PEF Code states that the compensation for a Personal Representative shall be "reasonable and just" under the circumstances. It also states that it may be calculated on a graduated percentage and the customary manner in which those fees are determined.EXECUTOR COMMISSIONS Per Col.Per Total $00.01to $100,000.005%5,000.005,000.00 $100,000.01to $200,000.004%4,000.009,000.00Executor or$200,000.01to $1,000,000.003%24,000.0033,000.00Administrator$1,000,000.01to $2,000,000.002%20,000.0053,000.00 $2,000,000.01to $3,000,000.001½%15,000.0068,000.00 $3,000,000.01to $4,000,000.001%10,000.0078,000.00 $4,000,000.01to $5,000,000.00 ½% $5,000.00-83,000.00 Here based on your figure it would be $500, 000 3%--$15,000.00 Reference.. http://www.paestateplanners.com/library/what-are-executor-fees-in-pennsylvania-how-much-are-executors-paid.cfm Thanks again for the chance to follow up and help.
Expert:  RayAnswers replied 1 year ago.
If you can leave a positive rating it is always much appreciated.

Related Estate Law Questions