Executors Of Estates In Virginia

[MIKE J.]

I AM A EXECUTOR OF AN ESTATE IN VIRGINIA, AM I DUE ANY PAYMENT FOR THIS POSITION THAT I HAVE INHEREDITED. I HAVE HEARD THAT I COULD RECEIVE UP TO 5% OF THE TOTAL ESTATE AND TOTAL MEANS : ASSESTS, BONDS, REAL ESTATE, ETC.

 

[advisor10]

2-2-2002

Yes, executors do qualify for a fee for their services rendered. In the state of Virginia, it is only defined as "reasonable compensation", so you would need to speak with a local probate attorney in your area to find out what the standard rate is, which is generally within the 5% range that you mentioned.

That fee is deducted from estate monies AFTER you have accounted for the estate and submitted the financial information to the probate court.