Legal Question in Wills and Trusts in Illinois
Administrative Fees
My brother and sister nominated me to be the Independent Administrater over my mother estate. I know I am the one who makes the decision. Does my sibilings have any rights now? In addition, what is the cost or how do I make that determination on what to charge them in regards to my time spent taking care of the Administrative duties.
2 Answers from Attorneys
Re: Administrative Fees
If your siblings are beneficiaries, you have a fiduciary (ethical) duty to them to maximize their distribution. If you plan on taking money out of the estate for your 'fees' I suggest being very careful, and document your expenses carefully. If you do not have an attorney working with you to at least make sure all the documents are filed correctly and you are not liable to anyone for your actions, you should get one. Remember that you are liable to anyone who is named as a beneficiary in the will, or in any way benefits financially from the death. That is why many people do not want that duty/liability.
Re: Administrative Fees
Yes, they have still have rights as heirs, and you have duties as a fiduciary.
Talk to your attorney about what to charge as a fee. It is also a good idea to keep track of the time you spend.