E327 Professional and Amateur Executors Cost the Same

<p>How much does a professional executor cost? Most people are surprised to learn that executor fees are the same whether you choose an experienced professional or your unemployed nephew who has lots of spare time. When people realize that they are paying the same cost, they will probably choose a professional executor.</p> <p>In fact, your estate will probably even save on expenses with a professional vs.an amateur.</p> <h2>Executor fees set by state law</h2> <p><img class="aligncenter size-medium wp-image-44277" src= "https://anthonyspark.com/wp-content/uploads/2023/06/Executor-fees-set-by-state-law-300x169.jpg" alt="Executor fees set by state law" width="300" height= "169" /></p> <p>Executor fees are almost always set by state law, whether it is a percentage of the estate or a reasonable fee. The percentage often works out to 2-3% of the estate’s value, which is less than half of a broker’s commission in most states. Some states use the “reasonable fee” standard, and the court accepts a customary percentage as “reasonable.”</p> <p>Sometimes the reasonable fee is an hourly rate that the court deems acceptable. If you have an amateur executor, the hourly rate can get pretty expensive. If the executor doesn’t know much about probate, it will take him longer to accomplish tasks than a professional executor. Sometimes amateur family/friend executors attract more drama. The heirs are more likely to contest the fees, and the <a href= "https://anthonyspark.com/e314-nonprofessional-executors-dont-get-paid/"> executor may not get paid at all</a>.</p> <h2>Professional executor save time and expenses</h2> <p><img class="aligncenter size-medium wp-image-44278" src= "https://anthonyspark.com/wp-content/uploads/2023/06/Professional-executor-save-time-and-expenses-300x169.jpg" alt="Professional executor save time and expenses" width="300" height="169" /></p> <p>As with anything else, a person who has done something hundreds of times is probably better at it than someone who has never tried. A professional executor is experien