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 Wyoming, the compensation of an executor of a will, also known as a personal representative, is addressed under Wyoming Statutes. While the testator can specify the compensation for the executor in the will, if the will does not mention compensation or the provided compensation is deemed inadequate, Wyoming law allows for reasonable compensation to be awarded to the executor for their services. The reasonableness of the compensation is determined by considering the size and complexity of the estate, the time and effort expended by the executor, and other relevant factors. Wyoming does not have a specific statutory formula for calculating executor compensation; instead, it is based on what is reasonable under the circumstances of each particular estate. Executors may also be reimbursed for any necessary expenses incurred in the administration of the estate. If there is a dispute over the compensation, the matter can be resolved by the probate court overseeing the estate administration.