Among the most crucial estate planning files is a will– not only does it distribute your property when you pass away, however it names a guardian for your children and an executor for your estate.
An administrator has numerous essential responsibilities during probate, but what do they get in return?
One of the most crucial estate planning files is a will– not just does it disperse your property when you pass away, but it names a guardian for your children and an executor for your estate. An executor has numerous important responsibilities during probate, which is the legal process that administers your estate. What do they get in return?
An administrator of an estate, also called an individual representative in Oregon, is typically paid for their work. Each state has laws that govern how much they are paid. In Oregon it is based on a portion of the estate. The beneficiaries of the estate do not pay the executor, however the cost is taken from the estate itself. The administrator is paid before property is distributed to the estate’s recipients.
Often, an executor must file documents with the court of probate demonstrating that the bills have actually all been paid and that no new bills will show up. The court allows the executor to receive their cost and distribute the remainder of the assets only when it is persuaded that the executor has completed settling the estate’s debts and any estate litigation or will contests are settled.
In Oregon, the law states that the administrator’s payment is based on the following:
Probate property, including earnings and gains:
An estate planning attorney can deal with you to create an estate plan that not only fulfills your needs, but one that deals with the specifics, such as probate fees, administrator’s costs and estate taxes.