In Virginia, unlike some other jurisdictions, the fee which an Executor (or Personal Representative) of an estate may take is not statutorily determined. The law allows the Executor to take a "reasonable" fee, which varies from case to case. Generally, it is a good idea for the Executor to keep a record of his or her time spent on duties related to the estate. Often times when there is a contest over the fees the Executor has taken, a judge will give the executor an amount based on the hours spent on the estate matter. Another general rule of thumb is that 5% is roughly "reasonable" unless the estate was very simple to administer. In one case, the Court found that 18% was "reasonable" because of the difficulty in administering the estate.
Regarding the fees for professionals who assist with the preparation and filing of taxes or legal issues of the estate, the Executor may pay these fees from the assets of the Estate. If the Executor uses a professional (such as an attorney or accountant) to do the Executor's work (prepare accountings for the estate, manage assets and distribute bequests) then the amount which may be determined a "reasonable" Executor's fee may be less.
One thing is true about serving as an Executor - you will likely make no one happy. It is a thankless job, the beneficiaries always think you are moving too slow, and there is a mountain of responsibilities and liabilities. Generally, an Executor earns every penny of his or her fee.
The Virginia State Bar Association requires that I remind you that no attorney-client relationship is established through this communication. This is not meant to be legal advice, but only general information.
Best of luck.
