Executor Compensation – Is It Worth It?
You can probably figure your time is productively worth $150 or $200 an hour back in the office. You need that to cover your overhead. Well, you won’t get paid by the hour as an executor to do any tasks.
You also need to wait until the estate is wrapped up to be paid. That can be 1-2 years, on average, before your pay day.
In the meantime, you can spend 10, 20 or more hours a week out of the office handling:
• funeral arrangements;
• disgruntled beneficiaries;
• pets, empty houses;
• collect and sell assets.
You wonder if you inherited another full-time job.
What About Your Cash Flow?
How often will there be more time consuming issues such as:
• Court cases brought by estranged family, spouses or creditors?
• Hurt feelings over the furniture, nick-knacks and funeral arrangements?
• Problems that no one had anticipated with taxes, business partners or foreign assets?
You, as an executor, need to get expert legal advice. Find out about your dos and don’ts in Executor Kung Fu: Master Any Estate in Three Easy Steps. Subscribe to my newsletter, EstateTips to be notified when a paperback version is available.Posted In: Estates, Executors, Probate On: June 1st, 2011