Is an executor or administrator compensated?
The law provides for fiduciaries to be compensated for the time and energy involved in administering a will. The Commissioner of Accounts must approve the compensation, which is generally limited to five percent of the assets handled.
More Estate and Trust Administration FAQs
- Are holographic wills legal in Virginia?
- How long does it take after qualification to complete the probate process?
- Is an executor or administrator compensated?
- Should a will be kept in a safe deposit box at a bank?
- What are the duties of an executor/administrator?
- What does dying testate or intestate mean?
- What is a self-proving will?
- What is the procedure to probate an estate with a will?
- What should the prospective executor/administrator bring to qualify?
- What taxes and fees are associated with probate?
- When is it necessary to probate an estate?
- Where should I go to qualify as a personal representative for an estate?
- Who inherits the property of an intestate (person dying without a will)?