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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 Colorado, the compensation of an executor, also known as a personal representative, is addressed under the Colorado Revised Statutes. While the testator can specify the compensation for the executor in the will, if the will does not mention compensation or the executor is serving without a will (intestate), Colorado law provides guidance. According to Colorado law, the executor is entitled to receive 'reasonable compensation' for their services. This is not a fixed formula but is determined based on the complexity, size, and time required to manage the estate. The reasonableness of the compensation may be subject to review by the probate court, and interested parties may challenge the compensation if they believe it is excessive. It is common for attorneys to be involved in these matters to help determine or dispute the reasonableness of the fees.

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Wills, trusts, and estates

executor fee

Individual & Family Legal Plan

Articles

Colorado State Code

Colorado State Code

Wills, trusts, and estates

executor fee

Articles