Legal Question in Wills and Trusts in Texas

Executors compensation

In the Will there is a statement that reads: ''I direct that my executor shall be entitled to receive reasonable compensation for services actually rendered to my Estate without regard to the provisions of any statue dealing with fiduciary compensation, and for reimbursement of all necessary expenditures made while administering my Estate.''

There are Co-Independent Executors listed in the Will, one is an attorney that deals with probate and wills, and the other is a CPA. Can you explain what the statement means and how are these executors to be compensaton for their services? Will they be receiving compensation for an attorney and CPA in lieu of compensation for executors? One of the executors listed in the will is the attorney that drafted the will.

Thanks


Asked on 10/31/06, 11:16 am

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Executors compensation

Ask them to obtain court approval of the compensation if you disagree with it. As a general rule of thumb, I have seen executors receive appx. 5% of monies in and out of the estate. That would be 2.5 each for co-executors. The estate pays "reasonable fees" for the attorney to probate and the CPA for the tax returns.

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Answered on 10/31/06, 11:21 am


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