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 compensation – this may be specified in the will or set by local custom, practice, or law.
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. © 2015Posted In: Executors On: May 27th, 2016