How do executors pay beneficiaries?
If there’s enough money in the estate account, an interim payment can be made to beneficiaries, with executors holding back some money to cover potential costs. These payments should be recorded by asking the beneficiaries to sign a written receipt.
What was the executor fee for my brother?
We also discovered from the letter that my brother took an executor fee of $20,000. The entire estate, once settled, will be about $600,000. My question is regarding the executor fee.
What to do when your brother is executor of mother’s estate?
Signing release forms at the end of this process is also pretty standard, but your brother needs to be transparent with all the transactions related to your mother’s estate. Have your own estate attorney look over the document, if you must.
How to figure out what to pay your executors?
You must be able to show you actively managed estate assets. You share your compensation among all estate trustees. You should agree how to share workloads and compensation with co-estate trustees. You should have a contract or written agreement among co-estate trustees. This specifies who does what.
Why was there no settlement on my Brother’s Estate?
The second reason the estate was not settled: $100,000 ($25,000 per child) was held back until my brother and sister and I “released” the executor (my other brother) from any future claims and/or contests against him or the estate.
We also discovered from the letter that my brother took an executor fee of $20,000. The entire estate, once settled, will be about $600,000. My question is regarding the executor fee.
Signing release forms at the end of this process is also pretty standard, but your brother needs to be transparent with all the transactions related to your mother’s estate. Have your own estate attorney look over the document, if you must.
How much should I pay my brother to manage my mother’s estate?
Your brother has managed your mother’s estate for two years and — given the time and stress involved in managing a person’s estate — particularly when family is involved, $20,000 is probably not unreasonable. It’s a thankless job, except for the remuneration.
The second reason the estate was not settled: $100,000 ($25,000 per child) was held back until my brother and sister and I “released” the executor (my other brother) from any future claims and/or contests against him or the estate.