The executor of a will is the person who "executes" the provisions of a will. The executor has the responsibility of making the property distributions requested in the will and ensuring that property and estate taxes are paid. While state laws vary, the person serving as executor to a person's estate is entitled to some form of reasonable compensation.
Will Executor Duties
The executor to a will must acquire and maintain account records of all estate assets, pay, debts and taxes incurred by the decedent, file the will in the local probate court and distribute estate property according to the terms of the will.
Will Executor Compensation
The amount of compensation a will executor receives is usually based on the size of the estate. The executor will usually receive a percentage of estate assets gathered and received. State probate statutes typically require an executor's compensation to be "reasonable" and cap the amount of compensation an executor receives at five percent of the total value of the estate.
Factors Affecting Will Executor Compensation
In determining reasonable compensation for a will executor, a court will evaluate several factors, including the complexity of the estate, amount of time spent by the will executor and the results of any investment decisions made by the will executor.