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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 Missouri, the compensation of an executor of a will, also known as a personal representative, is governed by state statutes found in the Missouri Revised Statutes. Specifically, Section 473.153 outlines that an executor is entitled to reasonable compensation for their services. While the testator can specify the compensation in the will, if the will does not mention it or if the executor declines the provided compensation, the court may allow compensation according to a percentage of the estate. This percentage is often based on the value of the probate estate and the income the estate earns during administration. The exact percentage or amount can vary and may be subject to the discretion of the probate court, taking into account the complexity of the estate, the time spent, and the skill level of the executor. It is important for executors to understand these provisions and for beneficiaries to be aware of how executor compensation may affect the estate.

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Wills, trusts, and estates

executor fee

Individual & Family Legal Plan

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Missouri State Code

Missouri State Code

Wills, trusts, and estates

executor fee

Articles