Legal Question in Wills and Trusts in Pennsylvania
Executor Fee
I am the Executor for my late Aunt's estate. She died intestate in
Pennsylvania and the family agreed to my appointment. The value of the estate at DOD was 325K with a further 25K in stock appreciation which has been realized. I am a CPA and have always did her taxes as I will now. I am not a beneficiary of her estate. Is $16,500 a reasonable amount for my Executor's fee?
1 Answer from Attorneys
Re: Executor Fee
Did you indicate to the family in advance how you would charge for your work? Did the family agree to your fee quotation? If not you may have trouble getting such a large fee approved. There should be a petition filed for adjudication in which you provide an accounting of the Estate and your request for a fee. The family then can respond as well as the judge. Of course if the family agrees with the amount you may be able to resolve it with an informal accounting and family settlement agreement. Since I don't know the facts of the Estate it is hard to give you an opinion. Nowadays more courts are considering the amount of time spent on Estate times an hourly rate rather then a percentage of the Estate. Did the amount of hours times your hourly rate come close to $16,500.00 if not you may find the amount is excessive.