I have decided on the person I want to be executor of my estate upon my death andI would like to compensate them for that duty. How many hours will they likely spend to settle my estate? How are they commonly compensated? Are they listed as beneficiaries in the will?
My estate won’t be complicated. I own a home and have other assets (the usual: bank accounts, stocks, 401Ks, etc).
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#1 by jlf on September 22nd, 2009
They are usually compensated either hourly or with a small percentage of the estate. You need to discuss it with your intended executor. An executor does not have to be a beneficiary of the estate. In fact, bank trust depts. are sometimes appointed as executors.