Ontario Executors Require Answers to Questions: Does an executor get paid?

Does an executor get paid?

Executor fees are referred to as compensation. The law entitles you to claim compensation for your care, time, trouble, and services. Usually, this includes reimbursements for your expenses and reasonable professional fees.

Executor expenses – these are paid first and include travel costs, postage, long distance phone calls, and parking and legal fees.

Executor compensation – this may be specified in the will or set by local custom, practice, or law.

Executors – not the estate – hire professional advisors. An executor becomes the lawyer’s client, not the estate. An estate cannot hire a lawyer.

Never promise estate beneficiaries that you will not charge a fee. You should decide this only after you speak to a lawyer and find out what is involved. Will you have to use up your vacation and sick days to complete the work? Remember, you cannot ignore your responsibilities because you are not charging a fee.

Taking your executor’s fee before obtaining approval from beneficiaries is not allowed. All executor’s compensation is considered taxable income. Your tax advisor can explain the process to follow if you claim compensation. Contact me if you are confused about how to charge executor’s fees.

About Edward Olkovich

I am a Toronto estate lawyer and Certified Specialist in Estates and Trusts Law. I edit Carswell’s legal guide Compensation and Duties of Estate Trustees, Guardians and Attorneys. I have handled estate disputes and probate problems since 1978. © 2015

Posted In: Executors On: May 27th, 2016

“I want to thank Ed and his firm for getting me through a very difficult time. He was recommended to me by another lawyer and I am grateful for that recommendation. Ed kept me grounded, listened to me, counseled me and supported me. I do so appreciate that. And he is worth every penny. Thank you!” - Claudia R, Toronto

“Thank you for your professional advice and lawyering while I was planning my will, all accompanied with your patience and a sense of humour.” - Valerie G, Toronto

“Ed is a "straight shooter" who tells it like it is and helps you make the best possible decisions in your circumstances. I've personally seen the "magic" he can work in an estate and recommend him without reservation to anyone who wants an iron clad will or estate advice and management that saves money, frayed nerves and friendships.” - Jim R, Burlington

I have used Edward Olkovich for my own Will and I was the executor of my Brother-in-law’s will. My brother-in-law had a terminal illness and Edward had us devise his Will to minimize taxes and problems. Ed is located locally @ Jane and Bloor. He was very knowledgeable, friendly and thorough and has written many books on the subject. - Belinda M, Toronto

Ed is a thorough, responsive estates lawyer who I would recommend to anyone when needing a will or dealing with estate issues. - Eva S, Toronto

Dear Ed and “Team Olkovich” “Thank you for your knowledge, expertise and hard work to make our executor duties (almost) stress-free. Will miss the laughs and stories you tell so well. All our appreciation always!” - Pat, Dave & John, Toronto

Dear Ed, Thank you for all your wisdom and kindness throughout the process of settling Ann’s Estate. - Cheryl, Toronto

“The easiest professional I had to deal with to settle my parents’ needs was Ed. I told him what we needed. He was gracious with his advice and help - without delaying matters.” - Iain N., Toronto

“Magic! The guy knows magic!” - Steve G., Toronto

“In the land of estate law, Ed is King.” - Cheryl W., Toronto