Can the executor fee be waived?

1. Yes, but 3% of the first million dollars of an estate is presumed to be a reasonable personal representative fee. 2. All expenses and creditor claims must be satisfied before any beneficiary receives his or her entire share. Costs and expenses of administration including compensation of the personal representative and his or her attorney are the first in order of priority. And because all costs and expenses "come off the top", each beneficiary receives the exact percentage they are entitled to under the will after expenses.

Executor fees are set by Ohio statute as follows: Ohio Revised Code: 2113.35 Commissions. Executors and administrators shall be allowed commissions upon the amount of all the personal estate, including the income from the personal estate, that is received and accounted for by them and upon the proceeds of real estate that is sold as follows: (A) For the first one hundred thousand dollars, at the rate of four per cent; (B) All above one hundred thousand dollars and not exceeding four hundred thousand dollars, at the rate of three per cent; (C) All above four hundred thousand dollars, at the rate of two per cent. Executors and administrators also shall be allowed a commission of one per cent on the value of real estate that is not sold. Executors and administrators also shall be allowed a commission of one per cent on all property that is not subject to administration and that is includable for purposes of computing the Ohio estate tax, except joint and survivorship property. The basis of valuation for the allowance of such commissions on real estate sold shall be the gross proceeds of sale, and for all other property the fair market value of the other property as of the date of death of the decedent. The commissions allowed to executors and administrators in this section shall be received in full compensation for all their ordinary services. If the probate court finds, after hearing, that an executor or administrator, in any respect, has not faithfully discharged his duties as executor or administrator, the court may deny the executor or administrator any compensation whatsoever or may allow the executor or administrator the reduced compensation that the court thinks proper. Which means: • 4% of the first $100,000 of probate assets • 3% of the next $300,000 • 2% of the assets over $400,000 • 1% on real estate that is not sold and on non-probate assets included on the estate tax return (except for survivorship assets, for which there is no fee) Many executors consider their services to be a gift to their families and choose to forego the fee. This is also because such fees are taxable income, whereas the money received via inheritance is generally tax free (up to certain estate values). The Executor Fee is deducted, pursuant to law, before determining the amount to distribute to the beneficiaries in the Will. Good Luck, NOTE: This answer is made available by the lawyer for educational purposes only. By using or participating in this site you understand that there is no attorney client privilege between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed professional attorney that practices in the subject practice discipline and with whom you have an atttorney client relationship along with all the privileges that relationship provides. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question.

The law allows the executor to charge a reasonable fee for the executor's service as executor. However, there is no law that requires the executor to charge any fee if the executor does not want the fee. Whether an executor should charge fees depends on the specific facts. In some cases, collecting lawful executor fees is a way to keep the money away from creditors.

First, the 3% fee is not the law and is subject to negotiation. It is presumed to be reasonable - nothing more. Many attorneys handle probate cases on a flat fee or hourly basis. Consider switching attorneys if he will not negotiate a different fee (subject to what the fee agreement says) Your sister can waive an executor/Personal representative fee. It is in her discretion. The expenses should come off the top, and then the assets should be distributed..

Yes-she can waive her fee and expenses come off the top.