The Complete Guide to Georgia Executor Fees
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Understanding Georgia Executor Fees
A Georgia executor fee is governed by a specific set of rules, although it can also be stated in the will if no fees are to be paid. Learn everything you need to know about executing an estate here.
Among the most common questions about serving as the executor of an estate is whether an executor earns money for administering a decedent’s estate, often followed by “If so, how much?”
The bottom line is this: whether through specific will arrangements or state law, an executor is usually entitled to compensation. Georgia’s probate executor fee is generally paid from the probate estate fund, but the exact amount an executor can expect to receive from this fund depends on the situation.
Understanding GA executor compensation can be complicated, so it’s always best to speak with a lawyer experienced in probate law to understand how the rule applies to your particular circumstance. Applying unparalleled passion, experience, and diligence to every case, Faulkner Law is dedicated to helping Georgia families with legal advice and help them navigate every step of the will and probate process, including the topic of executor compensation. Learn more about our law firm and how we can help below.
Why Does an Executor Get Paid?
When a person dies in Georgia without appointing an executor, the spouse may have the priority to be appointed as an administrator. If there is no will and they were married when one of them died, then the surviving partner has priority over other family members to be appointed as the estate personal representative and have a share in the estate assets of the late spouse. They are called personal representatives if named by someone else with a last will or testament before death; otherwise referred to as administrators due to not having been designated on paper beforehand.
However, if the will has details of executor compensation, the executor will have the specific amount of it as per the will. In this case, the executor won’t be able to receive additional compensation.
The personal representative has to take an oath and promise to act in the estate’s best interest. After that, the probate court will issue Letters of Administration (if the court has appointed an administrator) or Letters Testamentary (if the executor was named in the will). This document will give the personal representative the authority to fulfill their duties.
Understanding Georgia Executor Fees
Georgia’s probate executor fees are generally paid from the probate fund. The exact sum of funds that an executor can expect will depend on the situation. Understanding the Georgia executor’s compensation can be complicated. Therefore it is always best to speak with a probate legal counsel who understands what statutes apply.
To learn more about our law firm – Faulkner Law, and how we could help you navigate every step of the will and probate process in Georgia, feel free to book a free consultation with us.
What Is the Executor’s Commission in the State of Georgia?
Executor Commission Calculator
The easiest way to estimate the executor commission is to apply the above percentages to the total applicable estate amounts. For example, a Georgia estate with $100K in money and $300K in dispersed assets would produce approximately $14K in administrator fees.
A few points to keep in mind:
- Specific assets with named beneficiaries (such as Individual Retirement Accounts) are not included in these computations.
- Money lent by and paid back to the executor should not be included in an executor commission calculation.
- If taxes on earnings need to be withheld, the withheld amount still counts as money received.
- Generally, the bigger the estate, the smaller the distribution fee percentage will be, with estates normally reaching the millions before this portion begins to drop.
- If the will defines a smaller amount than the standard, the executor can petition the probate court to get the statutory amount instead.
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