Q: Does an executor of an estate receive any compensation for the time involved to clean out estate and handle all matters?
We Were informed that there may be a fee earned by the executor who has to do all of the physical work needed and expenses to clear out a home and handle legal fees.
A: Is there a will and does the will make any mention of whether or not the executor is to be compensated or not compensated? If not, then you need to look at the law of the state to see what it says as to compensation. If the executor incurs out of pocket expenses, then yes, I expect the executor can recover those but most likely it has to be approved either before or after the fact. You should consult with a probate lawyer in your area about these matters.
A: Yes in NJ the executor gets 5% of the first $200K and then the percentages go down from that point. The more money in the estate the lower the percentage. It is not an easy job being an executor as it comes with a lot of responsibilities and many people don't want to do it because they feel this is not enough money for the responsibility.
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