My grandmother passed 6 years ago. We tried renting the house but had problems. The house has just sold and will close this week. I am trying to work out how much to distribute to my three sisters and decide if I should take an executor fee. Initially I was not, but there has been so many problems with fixing up the house and driving there (from Anaheim to Hemet) that I don't know what to do.
4% of the first $100k, 3% of the next $100k, 2% of the next $800k. You will have to take into account the amount of time it took to distribution and you will want to get agreement among the heirs if this probate has in fact taken 6 years.
Is the house in probate? Is the house in trust? What amount of work did you actually do to manage the house?
If there is a probate, then the Executor's fee is statutorily based, which can be waived. You may also be able to claim extraordinary fees for all the extra work. It will not be paid until approved by the court. If this is a Trust and no probate is involved, then the fee is usually "reasonable" and based on the total value of the estate. The amount of compensation is usually between .5 and 2% of the total estate value. Again, it depends on what is happening in this situation. Consult an attorney.
The statements provided herein are meant for informational purposes only, and do not constitute legal advice. No attorney-client relationship is created by virtue of this response.
Executor fees are based on several factors, including: size of estate, amount of work performed, benefit to estate.
Guideline statutory fees follow: 4% of the first $100k, 3% of the next $100k, 2% of the next $800k.
Appears you have performed substantial work and are entitled to reasonable fees.
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