Legal Question in Wills and Trusts in California
Waiving of executor fees
I am the executor of my mother's will. Another sibling is angry because they say I will receive a larger portion of the estate because I will receive executor fees. Can I waive the executor fees or have my mother ammend her will to indicate no fees will be paid in order to keep peace in the family? My mother's estate is very small but just telling this sibling that I will give them an equal share of the executor fees is not enough.
2 Answers from Attorneys
Re: Waiving of executor fees
Attorney Koenen is correct, acting as an executor is difficult and timely, this is the purpose for the fees. Perhaps if you were jointly named as executors, or if your mother placed her assets into a trust instead of using only a will. First it will save time and money on the Probate process, second, it will allow for somone else to be the trustee, such as an attorney or a bank. That way, you will not have the control; which is what I would guess is really at the root of the problem.
Take a moment to see some of the benfits of a trust over a will on our firm's site at www.No-Probate.com, you will see that it is the best means of asset distribution. Probate is just too costly and time consuming.
If you require additional assistance, please feel free to contact me through the site or directly at 626-578-0708.
Scott
Re: Waiving of executor fees
Yes you can waive fees. It is a tough job, thoug, and unless you have an attorney doing some of the work for you, you will put in a lot of hours. This is the reason for the fees, which are taxable as ordinary income.
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