Ontario Executors Require Answers to Questions: How much do executors get paid?
How much do executors get paid?
In Ontario, executor compensation, as a rule of thumb, is 2.5% of the capital and income receipts plus 2.5% of the income receipts and disbursements. This is subject to variation by a court.
Compensation can be specified by the terms of the will. Otherwise, it must be approved by beneficiaries. In some cases, a court will need to approve your fees.
Factors that a court considers to approve fees include:
- The size of the estate
- Care and responsibility involved
- Time spent on duties
- Skill and ability shown including record keeping
- Success in administering the estate
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