Legal Question in Wills and Trusts in Ohio
Executor fee's
My dad died 18 months ago--The probate process has been long-can't getanswers from estate attorney hired by executrix--Received copies of paper work after numerous correspondence requesting final accounting of estate--1st--If at the time probate was initiated, on initial papers it states ''estimated value of estate'' is listed as 110K is that the only amount that the executors fees are based on? Dad had set up a revocable trust years prior which became irrevocable upon death with same person who is executor to be trustee--At the time of death there was about 70K in the trust--Also, there was about 50K in his personal checking account--His house was listed and sold about 10 months after death and was sold at a loss--mortgage was 110K, it sold for 82K--On the papers I'm looking over the executor petitoned the court in the County where all this took place, for fees of 5,500. This does not sound right to me calculating Ohio's executors fee's-Iam under the impression that the money in the trust does not enter into any of this--Could you clarify this and tell me if this amount sounds correct? And, also, what should I expect or insist on receiving in a final accounting of this estate after it is officially closed?
1 Answer from Attorneys
Re: Executor fee's
Executors fee is based on the values in the estate inventory, and is statutorily mandated. 4% of the 1st 100K, 3% of the next amount up to $ 500K, and 2% on anything over $500K. The trust is out, but the checking acct. is in. The amount you stated sounds right. The accounting is not done until everything is distributed.
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