If I serve as executor, will I get paid?

Yes. In addition to your out-of-pocket expenses to manage and settle the estate, personal representatives usually earn a statutory fee of 2% – 4% of the probate estate. The percentage decreases as the size of the estate increases. The Court must approve all fees and expenses. And, in extraordinary circumstances, the Court may allow other fees.

Fees are taxable as ordinary income and must be reported on your personal income tax return. So, if you are the personal representative and the sole beneficiary of the estate, it usually does not make sense to take any fees. But, the money you get as beneficiary from the estate is income tax free.

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