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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 New Mexico, the compensation of an executor of a will, also known as a personal representative, is governed by state statutes found in the New Mexico Probate Code. While a testator can specify in the will the amount of compensation for the executor, if the will does not mention compensation or the executor declines the compensation provided in the will, New Mexico law allows for reasonable compensation to be paid from the estate assets. The term 'reasonable' is not strictly defined by a set formula in New Mexico statutes, which means that the compensation is often determined based on the complexity of the estate, the time spent by the executor in managing the estate, and the responsibilities undertaken. If there is a dispute over what constitutes reasonable compensation, the probate court overseeing the administration of the estate has the authority to determine the appropriate amount.

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Wills, trusts, and estates

executor fee

Individual & Family Legal Plan

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New-Mexico State Code

New-Mexico State Code

Wills, trusts, and estates

executor fee

Articles