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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 Illinois, the compensation of an executor of a will is addressed under the Illinois Probate Act. The testator can specify in the will the amount of compensation for the executor. If the will does not specify the compensation, or if the executor renounces any compensation provided in the will, the executor is entitled to reasonable compensation for their services. Illinois law does not provide a specific formula for calculating the executor's compensation; instead, it is based on what is considered reasonable given the size and complexity of the estate, the time and labor required, the skills needed, and other factors. The court overseeing the probate process has the authority to review and approve the executor's fees to ensure they are reasonable. Executors may also be reimbursed for any necessary expenses they incur in the administration of the estate.

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Wills, trusts, and estates

executor fee

Individual & Family Legal Plan

Articles

Illinois State Code

Wills, trusts, and estates

executor fee

Illinois State Code

Articles