Asked about 5 years ago - Kansas City, MO
FlagWhat is the usual percentage an executor takes for his trouble settling an estate and is it based on the entire estate or the proceeds after other costs?
In Missouri, there is a staute that sets out the fee. See: http://www.moga.state.mo.us/statutes/C400-499/4...
However, in Missouri an executor (called personal representative in Missouri) can also elect to take less.
The executor's fee is set by the laws of each state. California's laws provide that we can charge:
4% of the 1st $100,000
3% of the next $100,000
2% of the next $800,000
1% of the next $9,000,000
1/2% of the next $15,000,000
This fee is set on the gross value of the estate (total value of the assets, not deducting mortgages or other costs) and is strictly for handling the "ordinary" issues that arise in a probate. If there are any "extraordinary" issues (litigation, real estate sales, disputes with heirs, preparation of tax returns, etc.), we can ask the court for additional fees.
That is why so many people in California put their assets into living trusts (revocable trusts) - the cost of a trust is usually only 10% to 20% of what the probate fee would be.
The laws of the state where the deceased person lived would apply; the law in Kansas may be different.
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