Legal Question in Wills and Trusts in Virginia
What percent of an estate is an executor in the state of Virginia entitled to if none is defined in the will?
2 Answers from Attorneys
Generally speaking, a Commissioner of Accounts will approve an executor's fee not exceeding 5%.
Virginiia's Standing Committee on Comissioners of Accounts recommemds
the following fee schedule when there is no reference in a will:
5% for the first $400,000 (of estate assets)
4% for the next $300,000
3% for the next $200,000
2% for $1,000,000 +
Above $10,000,000 must be negotiated
+
5% on all income receipts (from estate assets)
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