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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 Wisconsin, the compensation of an executor of a will, also known as a personal representative, can be determined in several ways. If the testator specifies the compensation in the will, that provision will generally be honored. If the will does not specify compensation, or if the executor declines the compensation provided in the will, Wisconsin Statutes provide that the personal representative is entitled to 'reasonable compensation.' Wisconsin does not have a statutory formula for calculating executor compensation; instead, the amount is determined by what is considered reasonable based on the size and complexity of the estate, the time and effort expended by the executor, and other factors. The court overseeing the probate process has the authority to review and approve the compensation amount to ensure it is fair and reasonable. Executors may also waive their right to compensation entirely.

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Wills, trusts, and estates

executor fee

As a LegalFix Member You Will Be an Important Client of Local Law Firms

Articles

Wisconsin State Code

Wills, trusts, and estates

executor fee

Wisconsin State Code

Articles