Executor Fees

Ohio: Cuyahoga County

I am the executor of an estate in Cuyahoga County, Ohio and I would appreciate assistance in calculating the possible fees the executor can charge to administer the estate. There was no tangible property sold as it was all donated or distributed among family, and no house as she rented; There was approximately $350,000 in intangible property from investments, bank accounts, life insurance, bonds etc. I do not plan to charge the full amount possible but I've invested hundreds of hours into resolving the estate and need to discuss with my siblings the possibility of something appropriate.

The link to the Cuyahoga County executor fee schedule is below, but I'm not sure I understand the line item entries I need to do.

Thanks for your assistance.

Forgot link

http://probate.cuyahogacounty.us/pdf/ComputationOfExecutor.pdf

The form corresponds to the statutory commissions allowed in Ohio.

What part is giving you difficulty? You should be able to take the value from the inventory that you filed and place that on Line 1. If the estate received any income (say, dividends, interest, etc), add that on Line 2 and then total them.

The max statutory allowance is 4% of the first $100K ($4,000) and 3% of the value between $100K and $400K.

If there is a value of roughly $350K, you would be entitled to a max of:

4% x $100K = $4,000, plus
3% x $250K = $7,500
For a total of $11,500.

The only question I see is the insurance. Did insurance proceeds go directly to a named beneficiary? Or were the proceeds payable to the probate estate and subject to your administration?

Thanks. I suppose it was the word "Personal Property" that throws me. I always want to assume it's a tangible asset that would be listed as opposed to intangible cash assets.

All investments, life insurance proceeds, etc. were transferred to the estate bank account. Nothing was in another's name as beneficiary.

Thanks