If I’m executor of an estate worth approximately $2,000,000, is it legal to pay myself for the hours I’m working on the estate?

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If I’m executor of an estate worth approximately $2,000,000, is it legal to pay myself for the hours I’m working on the estate?

If so how much? Am I able to collect weekly, hourly, monthly?

Asked on June 1, 2015 under Estate Planning, California

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

In CA, for an estate valued at more than $100,000 but less than $25 million, an eexecutor is allowed to take a percentage based on the value of the estate, which changes depending on its size. So in your case, as executor of a $2,000,000 estate, you may receive 4% of the first $100,000 of value, 3% of the next $100,000, 2% of the next $800,000, plus 1% of the next $1 million (up to $9 million).

Note: Value is based on the inventory taken by the executor as part of his duties; debts are not included in the value of the estate.

For more information you can contact the applicable probate court, consult directly with a probate attorney, or review the California Probate Code.

 


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