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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 Maine, the compensation of an executor of a will, also known as a personal representative, is addressed under the Maine Probate Code. 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), Maine law provides guidance. According to Maine Revised Statutes Title 18-C, Section 3-719, a personal representative is entitled to reasonable compensation for their services. Maine does not prescribe a specific formula for calculating this compensation in its statutes; instead, it is based on what is considered reasonable given the size and complexity of the estate, the time and effort expended by the executor, and other factors. If the interested parties do not agree on the reasonableness of the compensation, the probate court may be asked to review and determine the appropriate fee.

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Wills, trusts, and estates

executor fee

Individual & Family Legal Plan

Articles

Maine State Code

Maine State Code

Wills, trusts, and estates

executor fee

Articles