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Wills, trusts, and estates

executor fee

Although many executors of wills manage the administration of the deceased person’s (decedent’s) estate without compensation, a person who makes a will (testator) may provide for compensation of the executor in the will. And many states have laws (statutes) that provide a formula for calculating the compensation of an executor. These laws vary from state to state and are often located in the estates code, probate code, or similarly-named code.

In Iowa, the compensation of an executor of a will, also known as a personal representative, is addressed under Iowa Code. While the testator can specify the compensation for the executor in the will, if the will does not mention compensation or the executor is not satisfied with the compensation, Iowa law provides that executors are entitled to reasonable compensation for their services. The term 'reasonable' is not strictly defined by a set formula in Iowa statutes, but rather is determined based on the complexity, size, and time required to manage the estate. Iowa courts may consider various factors to determine what is reasonable, including the nature of the work performed, the time involved, and the skill level required. Executors may also be reimbursed for any out-of-pocket expenses incurred in the administration of the estate. If there is a dispute over the compensation, the court will resolve the matter, taking into account the specifics of the case.

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Wills, trusts, and estates

executor fee

Individual & Family Legal Plan

Articles

Iowa State Code

Iowa State Code

Wills, trusts, and estates

executor fee

Articles