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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 Tennessee, the compensation of an executor of a will, also known as a personal representative, is governed by state law. The testator can specify in the will the amount of compensation for the executor, or they can state that the executor should serve without compensation. If the will does not specify the compensation, Tennessee law provides that the executor is entitled to reasonable compensation for their services. The term 'reasonable' is not strictly defined by statute, but it generally means the compensation must be fair and commensurate with the services performed, considering factors such as the size of the estate, the complexity of the tasks involved, and the time spent by the executor. Tennessee does not have a statutory formula for calculating executor compensation; instead, it is often determined by the court overseeing the probate process, based on the circumstances of each case. Executors in Tennessee 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

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Tennessee State Code

Tennessee State Code

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Wills, trusts, and estates

executor fee