Tennessee Motion To Approve Administratrix's Fees for Handling of Decedent's Estate

An administrator will take title legally on the estate's assets, and has legal responsibility to file all tax returns and pay all related taxes.In certain cases, the administrator may have personal liability for any unpaid tax amounts due for the estate.

Paying any debts and liabilities of the estate, owing prior to death; defending the Will of the deceased if litigation is started against the deceased's estate; attending to tax returns for the deceased and their estate; distributing the estate in accordance with the deceased's Will.

Some probate specialists and solicitors charge an hourly rate while others charge a fee that is a percentage of the value of the estate. This fee is usually calculated as between 1% to 5% of the value of the estate, plus VAT. The table below is an example of how much you could end up paying for their service.

Executor's remuneration: 3.5% calculated on the gross value of assets as at death. income collection fee: 6% calculated on all post-death revenue.

5% on the first $20K. 4% on the next $80K. 3% on the next $150K. 2% on the next $500K.

This four-month period must pass before the estate can be closed. Even under the best of circumstances, a simple estate will usually take at least six months to close.

Under California Probate Code, the executor typically receives 4% on the first $100,000, 3% on the next $100,000 and 2% on the next $800,000, says William Sweeney, a California-based probate attorney. For an estate worth $600,000 the fee works out at approximately $15,000.

All taxes and liabilities paid from the estate, including medical expenses, attorney fees, burial or cremation expenses, estate sale costs, appraisal expenses, and more. The executor should keep all receipts for any services or transactions needed to liquidate the assets of the deceased.