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?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 5 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.

 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption