Full question:
My brother is the executor of our father's estate. I want to make sure everything is fair. I heard there is an executor's fee. Is it a percentage? I've heard $10K.
- Category: Wills and Estates
- Date:
- State: Texas
Answer:
In Texas, executors, administrators, and temporary administrators are entitled to a commission of five percent (5%) on all cash they receive and pay out during estate administration. However, they cannot charge for funds that were already in a financial institution or for life insurance proceeds. Additionally, the total commission cannot exceed five percent (5%) of the estate's gross fair market value.
If the executor manages a business or if the standard fee is deemed unreasonably low, the court may award reasonable compensation based on the effort involved. The court can also deny a commission if the executor fails to manage the estate properly or is removed from their position.
Executors can also recover necessary expenses incurred while managing the estate and reasonable attorney's fees with proper proof (Tex. Prob. Code §§ 241-245).
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.