Your inheritance could take a hit so it can get handed out

Your inheritance could take a hit so it can get handed out

| May 8, 2020 | Executor |

Handling the estate of a loved one can be difficult for many reasons. A chunk of your inheritance might go to the person that has to do the most leg work, but the price they get may not look like the price they earn.

It usually takes around 570 hours of work for an executor to settle an estate. That’s a heavy load to carry, but the estate will likely pay them for their efforts. The number may look off when it comes time to pay that bill, but there are a few reasons the price tag will look a little different than normal.

Striking statements

There are common ways to figure out how much an estate executor earns through the process, but plenty of terms could change the final numbers.

  • Laying the law: The terms for paying a representative might rest before you. A will could explicitly lay out how much the executor should receive, or defer to the state laws on the matter. Short of collecting a fee, the will could pass along other property in its stead.
  • Above and beyond: An executor that goes far past the standard call of duty could seek something more for their efforts. Dealing with legal disputes, handling tax discrepancies or paying out of their pocket could all earn them a little extra.
  • Coming to terms: You and the other beneficiaries could pitch a deal to the administrator for their services. You can look to find a more agreeable arrangement that breaks from what the will says, but sometimes the courts have to give their approval.

Settling an estate is no easy task, and pinning down the right number to pay the executor isn’t much better. Make sure you know how the amount came to be, and you’ll have a better understanding of where the costs have grown too much.

 

 

William G. Peterson
FindLaw