Do you know someone who is the executor of a will? Are you a executor of a will? What if the will has to go through probate? If you are the executor of a will you will be named as personal representative of the estate of the deceased.
When you are the personal representative of an estate you do get compensation. You would be reimbursed for all necessary expenses in the care, management and settlement of the estate. Credit may be taken for traveling expenses, but may be disallowed in the discretion of the court. When an executor is also a trustee, it is not only their right but their duty to defend the trust, and they may equitable demand that their reasonable costs and counsel fees be paid out of the trust estate. If there is jointly held property and life insurance benefits payable to named beneficiaries are a part of the taxable estate but not a part of the probate estate. This would not be subject to the commission of an executor or administrator , or attorney fee. The way the personal representative is paid is by the Oklahoma Statue.
According to the Oklahoma Statutes Title 58 Chapter 10 Section 527 A-“When no compensation is provided by the will, or the executor renounces all claim thereto, he must be allowed commissions upon the amount of the whole estate accounted for by him, excluding all property not ranked as assets, as follows: 1) For the first thousand dollars, at the rat of five percent (5%); (2) For the next Five Thousand Dollars ($5,000), at the rate of four percent (4%); and (3) For all amounts above Six Thousand Dollars ($6,000), at the rate of two and one-half percent (2 ½%); and the same commission must be allowed administrators. In all cases such further allowance may be made, as the judge of the district court may deem just and reasonable, for any extraordinary service. The total amount of such allowance must not exceed the amount of commissions allowed by this section.” B- “Co-executors and co-administrators shall be entitled, as a unit, to the same fee allowable to a single executor or administrator, which shall be divided among them as the court may determine, unless they agree to a different division and the division is approved by the court.” C “An executor or administrator who does not serve during the entire administration of an estate shall be entitled to only a portion of the fee provided in subsection A of this section, and such portion shall be determined by the court in its discretion.”
An example of how the statue works is, if the estate is valued at $37,000. You would take the $37,000 and subtract the $6,000 and get a total of $31,000. At that time you would take the $31,000 and times that by 2.5% since that is what is left over from the amount that is above $6,000. Your total from that would be $775. With the $775 you would then add the $250 from the 5% and the 4%. The grand total of what the personal representative would get would be $1,025.
An experienced probate and living trust attorney like Brent D. Coldiron, knows the rules. His fees are reasonable. The best money ever spent is to get good legal advice before signing your name to something. Contact Brent at (405) 478-5655 or 737-2244. His website is Brent’s Website.