Legal Question in Wills and Trusts in Texas
executor charging fees
I bought the last of three houses from my grandmothers estate. There was also $120,000. that was part of that estate divided equally between my aunts and my mother. My aunt is the executor and has been hounded constantly by the other heirs. She has never collected fees for her services as executrix. I'm told she can charge %5 of the estate as fees for services. Does that %5 include the money or just the physical property, or monies as well? I am paying for the proerty next week and would like to see to it she get everything she is legally entitled to as the other vultures (including my mother) were terrible to her during this entire process. If she can not charge the %5, how can we give her more without the others going after her with their greedy hands out?
1 Answer from Attorneys
Re: executor charging fees
The executor can charge up to 2.5% of all money brought into the estate through the executor's efforts; i.e. sale of property, but not moving liquid assets from account to account. The executor can also charge up to 2.5% of money disbursed to devisees through the executor's efforts; again not simply taking liquid assets such as bank accounts and disbursing them.
The executor is reimbursed from the estate for any expenses the executor has incurred during the course of their duties; i.e. reimbursement for the cost of letters testamentary paid by the executor.
The executor's compensation may not be exactly 5%, since sometimes some of the money brought in has to be spent on administrative matters rather than being disbursed to the devisees.
Note that devisees are persons who take under the terms of a will, while heirs are persons who take as a matter of law where there is no will.
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