Executor Fees - what is reasonable?

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Coexecutor99

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I am executor on estate of late parent. There is a will with an even split among my siblings - i.e. no contentious issues. I have successfully been granted probate and did not use a solicitor in the process. I understand executor is entitled to take "reasonable" executor fees from the estate. However, what defines "reasonable"? I am not trying to unduly "profit" from my role as executor, merely trying to ascertain fair compensation for not insignificant time cost and effort expended thus far. Any comments\advice in this space
 
So far no contentious issues you say..............

If you want to keep it that way, I would offer up my services for the greater good. I dont think its normal for executors within families to charge fees however, I think any outlays or expenses incurred in the probate process can be recovered justifiably.
 
You have been entrusted with completing the directions of the deceased party, your loved one, you are entitled to your out of pocket expenses and all costs undertaken necessarily to complete your role as Executor.

You are not entitled in my opinion to cost out your time as you sort through your loves ones final wishes. I am surprised you are asking this question at all, it would I suggest be the farthest thing from most peoples thoughts.

I don't want to seem too harsh in my reply but you need to think this one through.
 
Totally agree with last two posters. I was executor for my late mother, 9 children, estate apportioned equally across all. The only 'extra' I charged the estate for was specific costs for postage, copying, probate costs, taxes etc. I strongly feel that where a family member is appointed executor, the assumption is that the role will be conducted without cost to the estate.
 
Importer\Palerider\Eithneangela - thanks for feedback - much appreciated. Not harsh at all - am looking for feedback and am getting it! Wonder if any other posters have a differing view? Cheers
 
I have acted as executor twice: once for a parent; once for a sibling. It never occurred to me to take a fee. For my own reasons, I found the work rewarding.
 
For what it's worth, my advice would be for you to get all the interested parties together. Just explain the situation to everyone, ie, the trouble, the hassle, the cost, etc. Tell them that any monies that you have to spend on their behalf will have to come out of the overall inheritance, the same with any bills or anything else. Also say to them that when it's all over and done, you should all meet up for a nice meal, family gathering. If it ends up that someone of the family doesn't pay their share, or whatever, it's no big deal really. The amount you'll be disadvantaged for will be minimal, just do it and if you don't want to do it, ask for some other family member to complete it. The thing is, one of them will.
As a matter of interest, what do you consider reasonable in terms of your time, etc?
 
At the outset, I thought do not take fee. Some 12+ months later, and having invested a not insignificant amount of effort, am thinking sod this, some recompense is appropriate - hence my posting to get soundings. Am thinking perhaps 1% of estate might be appropriate.
 
This estate must be straightforward, I note you have probate obtained and completed this without the need or cost of a solicitor, you are now grumbling about how much work this has turned out to be yet you could have used a solicitor to obtain probate and paid them from the estate as a fair cost, saving you lots of time.

I would see any charge for your time as pure greed, as Eithneangela said earlier ' the assumption is that the role will be conducted without cost to the estate '. Is it a big leap for me to say that the deceased person would have held such an assumption when considering you as Executor.

You were considered a reliable straight shooter when chosen for such a private and important role or maybe you were just the eldest and your loved one passed the chalice to you on that basis only, if so thread carefully, If I were your sibling I would not be happy with you if you decided to proceed and make a charge whether you discussed that with me beforehand or not. I suggest you swallow whatever is eating you and get on with the job, you will get satisfaction from doing this in different ways, all longer term and none monetary.
 
Some years ago the first i knew that i was appointed executor to the will of a person i only knew on a slight business basis was from a call from his son to say that he had died and appointed me executor as "he trusted" me. It was not exactly 100% straightforward but it never occured to me to charge any fee for my time etc. In a funny way his faith in me was enough recompense.
 
Noproblem, Palerider and Dewdrop - again, thanks for feedback, which I will take on board when making final decision. Interesting to note unanimous verdict of responders is do it for the greater good and do not charge. Over and out for me and thanks to all for contributions. Also, as first time user of askaboutmoney forum, big congratulations to all concerned - it is an excellent idea. Cheers
 
My husband was the co-executor for his late father's estate a few years ago. Two of his siblings were also co-executors. My husband spent many many hours dealing with banks, the solicitor, and other elements of probate. His siblings did very little. It never even crossed his mind to seek 'fees' for what he did. To be honest it sounds a very shabby idea...
 
Having acted as executor, AFAIK there is no provision in law for a named executor to be paid for their work in executing the will. Any vouched out-of-pocket expenses for death certs, probate office, executor insurance, estate agents' fees etc are deducted from the estate by the executor before disbursement but that's it.

An executor might like to keep all the family (in this situation) informed as to progress, but bear in mind that an executorship is not a democracy and if there are tough, unpopular decisions to be made, the executor needs to make them, fairly and impartially, strictly in compliance with the wishes expressed in the will.
 
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