Get paid as an executor
Can executors get paid?
Absolutely, executors can get paid for the work that they do probating or administering a decedent's, your loved one's estate, being an executor of an estate can take a lot of work, and that's why it's usually helpful to have a probate attorney assist you if you're an executor of an estate because your job is to figure out what are all the assets? Right.
What are the assets?
Bank accounts real estate cars are their valuables inside of the house. Did they have a Picasso up on the wall or is it a fake? All of that stuff is charged to the executor to figure out what a value for all of the property is. In addition to that, they need to figure out what all the debts are of the person who has passed away. Do they owe Citibank? Do they owe Discover card? Did they have a home loan? Did they have a personal loan? Did somebody owe them money?
Job of the executor
So the job of an executor can get quite extensive and can take up quite a bit of time, depending on the estate, and depending on how organized the deceased person was.
If they were not very organized, then the executor and their probate attorney are probably going to have to spend thousands of dollars trying to figure out where all of the assets are. But if the person was very organized and kept everything very neatly in a notebook, then the job of the executor should not be as difficult because everything will be laid out for him or her, and they will know exactly what they're dealing with.
How much do executors get paid?
So to get to the specific question of can an executor get paid?
Absolutely. And it depends on from state to state. Some do it on a percentage basis. Some will allow the executor to charge on an hourly basis, and it just depends on the jurisdiction.
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5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118