Legal Question in Wills and Trusts in Virginia
executor duties and fee
as excutor of my cousin estate do I get paid a fee,after the will is probated how long does it usually takes she has no living children or spouse or cousins.
Asked on 4/25/05, 4:13 pm
1 Answer from Attorneys
Paul B. Ward
Law Offices of Paul B. Ward
Re: executor duties and fee
It is customary for the executor to be paid a fee, which must be approved by the commissioner of accounts. Generally, a fee of up to 5% of the estate is approved.
However, if you are the sole beneficiary, you may not want to accept a fee. The fee would be taxable income, while the same amount coming to you through your cousin's estate would not be taxable.
Answered on 4/25/05, 5:07 pm
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