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 Ohio, the compensation of an executor of a will, also known as an estate administrator, is governed by state statutes found in the Ohio Revised Code. Specifically, Section 2113.35 outlines the compensation for executors and administrators. The compensation is typically a percentage of the estate's value, subject to the court's discretion. The statute provides a sliding scale, with the percentage decreasing as the value of the estate increases. Additionally, the executor may be reimbursed for reasonable expenses incurred in the administration of the estate. If the will itself specifies a different amount or method of compensation for the executor, the terms of the will generally take precedence over the statutory formula. However, the executor has the right to renounce the fee specified in the will and instead accept the compensation provided by law. It is important for executors to be aware of these provisions to ensure they are fairly compensated for their services in managing and distributing the decedent's estate.