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legalgems
legalgems, Lawyer
Category: Legal
Satisfied Customers: 7454
Experience:  Just Answer consultant at Self employed
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Pursuant to statute improper fiduciary fee, Stafford, Va.

Customer Question

pursuant to statute improper fiduciary fee
JA: Because laws vary from place to place, can you tell me what state this is in?
Customer: Stafford, Va.
JA: Has anything been filed or reported?
Customer: yes
JA: Anything else you want the lawyer to know before I connect you?
Customer: not yet thanks
Submitted: 11 days ago.
Category: Legal
Expert:  legalgems replied 11 days ago.

Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

Expert:  legalgems replied 11 days ago.

what was your question please?

Customer: replied 11 days ago.
what is a statute and why am i at fault for paying myself fiduciary fees?
Expert:  legalgems replied 11 days ago.

A statute is a law, passed by the legislature. All VA codes can be accessed here

What was the fiduciary fee for? Is this regarding probate?

Customer: replied 11 days ago.
no, i am executor of my mothers estate i took 2 g in july last year as payment, stafford CoA is saying i broke some statute
Expert:  legalgems replied 11 days ago.

Per the following statute, a fiduciary can accept a reasonable amount of compensation. The statute is silent in the amount.

https://vacode.org/2016/64.2/IV/A/12/64.2-1208/

If the will sets out a specific amount, that will control. Otherwise, the guideline is up to 5% - please see here

Presumably once they are aware of the statute and the guideline that will help.

Further questions? Please post here to continue the chat.

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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.

Customer: replied 11 days ago.
thanks, ***** ***** an attorney
Expert:  legalgems replied 11 days ago.

Here is the provision when the executor hires an attorney:

f. If the fiduciary employs an attorney or accountant to perform duties that should be performed by the fiduciary, the fees of those persons should be deducted from the compensation due the fiduciary. Note that this does not apply to reasonable fees paid to attorneys or accountants for tax work or litigation or other legal services reasonably necessary for the orderly administration of the estate. The reasonable expense of such services will be allowed in addition to the fiduciary fee.

So if the fiduciary is performing executor duties and the attorney is performing legal duties (versus ones that a non-attorney fiduciary can handle, for example) compensation would still be permitted.

Expert:  legalgems replied 9 days ago.

Do you have any other questions on the above? If so please post here; otherwise kindly rate 5 stars if you feel I have earned it, as that allows the site to compensate me for assisting you. Thank you!

Expert:  legalgems replied 9 days ago.

Do you have any other questions on the above? If so please post here; otherwise kindly rate 5 stars if you feel I have earned it, as that allows the site to compensate me for assisting you. Thank you!