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What are the fees an executor can charge in the state of Louisiana?

What are the fees an executor can charge in the state of Louisiana?

Full question:

What are the fees an executor can charge in the state of Louisiana?

Category: Wills and Estates
Subcategory: Executors and Administrators
Date: 04/07/2025
State: Louisiana

Answer:

The following is a Louisiana statute:

Art. 3033. Same; compensation of executor

If the testament is dated prior to January 1, 1961, the person named therein as executor shall be entitled to the full compensation allowed by law for an executor's services in administering a testate succession, even though he may not have been confirmed as executor.

If the testament is dated subsequent to December 31, 1960, the person named therein as executor shall be entitled to reasonable compensation for the services which he has rendered, whether he has been confirmed as executor or not.

Except as provided hereinafter, the legatees may be sent into possession only if the person named in the testament as executor joins in the petition thereof.

If the residuary legatee and the person named in the testament as executor cannot agree upon the compensation due him, or for any other reason he refuses to join in the petition for possession, the residuary legatee may rule him into court to show cause why the compensation due should not be determined judicially, and why the legatees should not be sent into possession of their legacies. The court shall not send the legatees into possession until satisfactory proof has been submitted that the compensation determined to be due the person named in the testament as executor has been paid.

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.

FAQs

What is a reasonable executor's fee?

In Louisiana, a reasonable executor's fee is typically based on the complexity of the estate and the amount of work performed. While there is no fixed percentage, fees often range from 2% to 5% of the total value of the estate. The court may also consider factors such as the time spent managing the estate and any special skills the executor may possess. If there's a dispute over the fee, it can be resolved in court (La. Civ. Code Art. 3033). *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.*

How much does an executor charge in Louisiana?

In Louisiana, executor fees can vary significantly based on the estate's size and complexity. Executors may charge a reasonable fee, often falling between 2% and 5% of the estate's total value. However, this can depend on the specific circumstances of the estate and the amount of work required. If there is a disagreement about the fee, the matter can be taken to court for resolution (La. Civ. Code Art. 3033). *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.*

What is the first thing an executor must do?

The first thing an executor must do in Louisiana is to locate and review the will. Once the will is found, the executor should file it with the appropriate probate court to initiate the probate process. This step is crucial as it formally recognizes the executor's authority to manage the estate and carry out the deceased's wishes. Additionally, the executor should notify beneficiaries and creditors of the probate proceedings (La. Civ. Code Art. 3033). *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.*

What are the cons of being an executor of a will?

Being an executor of a will in Louisiana can come with several challenges. Executors may face significant time commitments, especially if the estate is large or complex. They are also responsible for managing financial matters, which can be stressful. Additionally, executors may encounter disputes among beneficiaries or face legal scrutiny over their decisions. They can also be held liable for mistakes made in the administration of the estate. Understanding these responsibilities is critical before accepting the role (La. Civ. Code Art. 3033). *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.*