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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 Delaware, the compensation of an executor of a will, also known as a personal representative, is governed by state law. While the testator can specify in the will the amount of compensation for the executor, if the will does not address this or if the executor declines the specified compensation, Delaware law provides a statutory fee schedule. According to Title 12 of the Delaware Code, specifically Section 1502, the compensation is based on a percentage of the value of the personal property of the estate and the income of the estate. The fee schedule is graduated, meaning that the percentage decreases as the value of the estate increases. Additionally, the Court of Chancery, which has jurisdiction over estate matters in Delaware, has the authority to increase or decrease the compensation if deemed necessary, considering the complexity of the estate and the effort required to administer it.

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Wills, trusts, and estates

executor fee

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Delaware State Code

Delaware State Code

Wills, trusts, and estates

executor fee

Articles