Do I get Paid as the Executor or Administrator of an Estate?

Do I get Paid as the Executor or Administrator of an Estate?

shutterstock_74707159The state of Connecticut recognizes someone who agrees to act as a fiduciary and executor or executrix, to be entitled to compensation for the fair value of their time and effort. Now, the law is not so explicit as to set forth an exact schedule of compensation. However, it is the practice of Connecticut probate courts to ask the fiduciary to designate and itemize how much time they will spend and in what manner it will be spent. We will guide you with the process of  recording the itemized detail of those facts. It then can be presented to the probate court, asking the judge to review and approve a reasonable form of compensation for you. Basically it is an hourly rate that a court will establish, based in part upon your background, your training, complexity of the estate, how much was involved and whether there were any contested issues that required detailed time and effort on your part. We can explain and review all if this with you to ensure that you’re fairly compensated if you choose to be a part of the probate process.

Marc N. Needelman is an experienced estate planning attorney in Hartford, CT. If you have any questions regarding the process of estate planning, contact The Law Office of Marc N. Needelman to set up your free initial consultation. 

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