• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Executor Compensation percentage in GA

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

F

FredH77

Guest
I am in Georgia.

My question is this, "What is the percentage an Executor is intitled to in GA?" I am the executor of my Mothers estate and am nearing the end of the process. I have 2 sisters that will also be receiving their share of this estate. Within the next month everything should be done and ready for division. Both of my sisters are happy with the way everything is going and I know they will have no problem with me receiving the allowable Executors Compensation percentage. I need to know what that percentage amount is in Georgia. From reading other post on this forum, I know that this percentage will not include all the monies in the estate account.
Thank you,
Fred
 


K

krispenstpeter

Guest
In Georgia, the law recognizes that a personal representative is entitled to compensation for carrying out the responsibilities of administering an estate. In Georgia, these fees are determined by statute unless the decedent during his or her lifetime or the heirs or beneficiaries contracted with the personal representative for a different fee arrangement.

Very generally, the personal representative receives two and one-half percent (2.5%) of funds received, two and one-half percent (2.5%) of funds paid out, up to three percent (3%) of the value of real or personal property delivered in kind, and ten percent (10%) of interest earned during the period of administration on money loaned by the personal representative. These fees plus most out-of-pocket expenses are legitimate expenses of administration.
 
K

krispenstpeter

Guest
1,234,980,001 served and still smiling.

You're welcome.
 
F

FredH77

Guest
I have read somewhere today that not all the estate money is considered in this percentage. Would the funds from an IRA be monies that would be included in the 2.5%? It has been cashed out and is in the estate account.
Thank you again!
Fred
 
K

krispenstpeter

Guest
That would require the review of a local attorney versed in Georgia Probate. I am not that person. You do know that you can seek the advice of an estate attorney who will charge the estate according to the 'reasonableness' standard found in the Georgia Statutes and the Georgia Bar association committee on Ethics don't you?

That was a hint.
 
F

FredH77

Guest
: )

A Big One Too!

I have been trying to get as much FREE info online as possible. This estate is not huge and we want to try to keep as much of it in the family as possible. Thank you and I will not pick your brain for any more free information. You have been a great help though and I do want to thank you sincerely,
Fred
 
K

krispenstpeter

Guest
Your welcome. Maybe if you check back in a few hours or tomrorrow morning you can get more help. However, the cost for an attorney to oversee the closing of the estate may be an expense that you can't afford NOT to be without.

Good luck and keep us updated.
 
F

FredH77

Guest
I have paid one already but they never mentioned anything about the executor being able to get compensation. I will call them tomorrow and see what they tell me. If I had known about it, I would have asked questions then. They got me all set and went to the Probate court with me.
Fred
 
F

FredH77

Guest
Well, I am reporting what happened in my Very Short conversation with my Lawyer. In a few minutes on the phone I found out that it probably would not be worth bothering with. Today I received a $90.00 bill for the advise. This is the main reason why I did not want to talk to him about this.
Fred
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top