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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 Alaska, the compensation of an executor of a will, also known as a personal representative, is addressed under Alaska Statutes, specifically in the probate code. While the testator can specify in the will the amount of compensation for the executor, if the will does not mention compensation or the executor is appointed without a will, Alaska law provides guidance. According to Alaska Statute AS 13.16.070, a personal representative is entitled to reasonable compensation for their services. Alaska does not have a specific statutory formula for calculating executor compensation; instead, the compensation must be 'reasonable' based on the time, effort, difficulty of the task, skill required, the fiduciary's experience and abilities, and other factors. If there is a dispute over what is reasonable, the court may be asked to review and determine the appropriate compensation. It is also possible for beneficiaries to object to the amount of compensation if they believe it is excessive.

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Wills, trusts, and estates

executor fee

Individual & Family Legal Plan

Articles

Alaska State Code

Wills, trusts, and estates

executor fee

Alaska State Code

Articles