Probate lawyer is Executor

[Davis]

What is the name of your state? Ohio

My mother died late September. She named the lawyer who prepared her will Executor.

My first question is this: Does he get paid twice? And how much?

It is not a huge estate but there are stocks and real property involved.

Second question is how are inheritance taxes determined in Ohio (Jefferson Cty)?
It's a great old house, built 1948, we plan to live here.

Thanks.

 

[seniorjudge]

Q: My first question is this: Does he get paid twice? And how much?

A: No.




Q: Second question is how are inheritance taxes determined in Ohio (Jefferson Cty)?
It's a great old house, built 1948, we plan to live here.

A: Google ohio inheritance tax.

 

[Davis]

Thank you.

Googled OH inheritance tax; the "appraised value" is the guideline, regardless of last year's property insurance estimates.

Third question: Executors in Ohio are paid what percentage of an estate's value?

I do not "know" yet have a distinct (gut) feeling, the lawyer/executor is trying to inflate my mother's estate for a larger payday. Which is another topic altogether...

 

[anteater]

You can always make an objection to the court if the compensation seems excessive.

§ 2113.35. Commissions.
Executors and administrators shall be allowed commissions upon the amount of all the personal estate, including the income from the personal estate, that is received and accounted for by them and upon the proceeds of real estate that is sold as follows:

(A) For the first one hundred thousand dollars, at the rate of four per cent;
(B) All above one hundred thousand dollars and not exceeding four hundred thousand dollars, at the rate of three per cent;
(C) All above four hundred thousand dollars, at the rate of two per cent.

Executors and administrators also shall be allowed a commission of one per cent on the value of real estate that is not sold. Executors and administrators also shall be allowed a commission of one per cent on all property that is not subject to administration and that is includable for purposes of computing the Ohio estate tax, except joint and survivorship property.

The basis of valuation for the allowance of such commissions on real estate sold shall be the gross proceeds of sale, and for all other property the fair market value of the other property as of the date of death of the decedent. The commissions allowed to executors and administrators in this section shall be received in full compensation for all their ordinary services.

If the probate court finds, after hearing, that an executor or administrator, in any respect, has not faithfully discharged his duties as executor or administrator, the court may deny the executor or administrator any compensation whatsoever or may allow the executor or administrator the reduced compensation that the court thinks proper.

§ 2113.36. Further allowance; counsel fees.
****************************.
When an attorney has been employed in the administration of the estate, reasonable attorney fees paid by the executor or administrator shall be allowed as a part of the expenses of administration. The court may at any time during administration fix the amount of such fees and, on application of the executor or administrator or the attorney, shall fix the amount thereof. When provision is made by the will of the deceased for compensation to an executor, the amount provided shall be a full satisfaction for his services, in lieu of such commissions or his share thereof, unless by an instrument filed in the court within four months after his appointment he renounces all claim to the compensation given by the will.

 

[Davis]

Well, Anteater, thank you *very* much. Most helpful.