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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55470
Experience:  29 years of experience practicing law, including tax and estate planning.
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What dollar amount should an executer of a 70,000.00 estate

Customer Question

What dollar amount should an executer of a 70,000.00 estate receive in Texas?
Submitted: 2 years ago.
Category: Estate Law
Expert:  Richard replied 2 years ago.
Hi there! My name is ***** ***** I look forward to helping you. The Texas Estates Code specifically addresses executor compensation. Specifically: "Sec. 352.002. STANDARD COMPENSATION. (a) An executor, administrator, or temporary administrator a court finds to have taken care of and managed an estate in compliance with the standards of this title is entitled to receive a five percent commission on all amounts that the executor or administrator actually receives or pays out in cash in the administration of the estate.(b) The commission described by Subsection (a):(1) may not exceed, in the aggregate, more than five percent of the gross fair market value of the estate subject to administration; and(2) is not allowed for:(A) receiving funds belonging to the testator or intestate that were, at the time of the testator's or intestate's death, either on hand or held for the testator or intestate in a financial institution or a brokerage firm, including cash or a cash equivalent held in a checking account, savings account, certificate of deposit, or money market account;(B) collecting the proceeds of a life insurance policy; or(C) paying out cash to an heir or legatee in that person's capacity as an heir or legatee." Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!
Customer: replied 2 years ago.
The house and life insuance were not on hand at time if death.Should this not be considered
Expert:  Richard replied 2 years ago.
Thanks for following up. Can you explain what you mean by "the house and life insurance were not at hand at time of death?" Thanks.
Customer: replied 2 years ago.
On dissability,Cannot afford the extra money.
Customer: replied 2 years ago.
Could you do it for the 38.00?
Expert:  Richard replied 2 years ago.
Absolutely. There is no extra charge for the follow up question. :)