Settling an estate is a major undertaking. Regardless of whether the executor is working with a modest holding or a large-scale estate, complete with trusts, stocks and bonds, the task will no doubt capitalize their time and effort for days or even weeks. Fortunately for anyone acting as an executor in Georgia, they are most likely due an executor's fee.
Executor's fees can be particularly complicated in Georgia, so be sure to speak to an attorney experienced in probate law for details regarding your specific situation. Generally, these are the rules regarding compensation for estate executors.
First and foremost, if the deceased's will specifically states that their executor will not receive compensation, then they will not receive any at all. If the will designates an amount of compensation, then the executor will receive that amount. If no specifications are given, the executor will receive payment according to default Georgia probate law.
Probate law in our state uses a few formulas when determining compensation for executors. An executor is due 2.5 percent of all money the estate brings in. They also receive 2.5 percent of all money the estate pays out. The value of real estate, stocks and bonds are not included in these formulas unless they are sold by the executor.
Executors are also paid 10 percent interest on any money they loan to the estate. They also have the option to petition probate court to receive compensation valued at up to 3 percent of the value of other assets distributed. If there is more than one executor, compensation is split based on services rendered.
Settling an estate is a major job but being named an executor is also a major honor. Take care when settling the deceased's affairs; not only will it affect their legacy, it could also affect the compensation you receive.