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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 South Carolina, the compensation of an executor of a will, also known as a personal representative, is governed by state law. The South Carolina Probate Code allows for executors to be compensated for their services. If the will specifies a certain amount of compensation for the executor, that provision will typically be honored. However, if the will does not mention compensation, or if the executor is to be compensated 'as by law allowed,' the South Carolina Probate Code provides a formula for calculating reasonable compensation. This formula takes into account the value of the decedent’s probate estate and any income earned by the estate. The compensation is considered a part of the estate's administration expenses. Executors are also entitled to reimbursement for out-of-pocket expenses incurred in the administration of the estate. It is important for executors to maintain detailed records of their time and expenses, as the probate court may require documentation to support the compensation claimed.

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Wills, trusts, and estates

executor fee

Legal Services from Local Law Firm for Less than 99¢ a Day

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South-Carolina State Code

South-Carolina State Code

Wills, trusts, and estates

executor fee

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