The loss of a loved one is overwhelming, and in some cases, handling their affairs can be as well. The answer in most cases is yes, you can be paid fees for handling an estate. However, there are multiple angles to consider prior to receiving payment for this position. Some states have a fixed fee for executorship based on a percentage of the estate, and in Massachusetts, it is expected that the executor receives “reasonable compensation.” If the deceased has a will, there may be a dollar amount listed for the executor to receive based on these services. If there are no specifics listed in the will (or if there isn’t an active will on record), this is then determined by the state. To ensure you are heading in the right direction when it comes to your executorship duties, contact our office today!
What Does It Mean To Be Named As the Executor?
It is an honor to be named the executor, and with that comes the responsibility of managing the deceased’s estate to the best of your ability. It is our pleasure to assist you in this matter and help guide you along the way to avoid costly or timely mistakes.
What Does “Reasonable Compensation” Mean?
If compensation isn’t specified in the will, if no executor is named, or if there isn’t a will in place, the state will determine what is “reasonable compensation” for the services rendered. Consider keeping a detailed journal of the tasks at hand and the dates/times as you complete them. This will help you to have detailed records when you meet with one of our attorneys to discuss future steps and possible compensation. It is helpful to keep records of meetings with family members or other loved ones, as well as time spent on the phone with creditors or accountants, documenting them in a detailed journal as they happen rather than trying to recount them from memory. This will help you simplify the next steps.
Why Should I Seek Legal Help in Navigating This Process?
There are many oversights easily made in this process, as most of us don’t have extensive experience as an executor. Having legal guidance is incredibly helpful in avoiding costly mistakes that you could make. There are many questions that can arise during this process, and some of the common ones that we hear are: What debts need to be paid (and when) now that my loved one is deceased? What is the timeline to alert creditors of the decedent’s passing? What is a reasonable amount of time to handle the decedent’s estate? Are my fees taxed? All of these questions can be answered through the services of O’Connor Family Law. Use our years of experience to help ease the next steps needed in this process. Contact us today!