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executor fees in WV


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#1 miami1526

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Posted 11 August 2009 - 04:25 AM

How would I calculate an executor fee in West Va ?  Are there limits? Is there a law that sets the fee if it was not defined in the Will? There is no property to be sold and the total of the Estate is $175,810.49.


 


Toni Oliverio



#2 pg1067

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Posted --

"How would I calculate an executor fee in West Va ?  Are there limits? Is there a law that sets the fee if it was not defined in the Will?"


Typically, fees are determined by statute.  Many states' statutes provide for "reasonable" compensation with certain percentages being presumed to be reasonable (e.g., 4% of the first $100k, 3% of the next $400k, etc.).  If the executor wants more than the amount presumed to be reasonable, he/she will have to explain to the court why more is reasonable.


"There is no property to be sold and the total of the Estate is $175,810.49."


That makes no sense.  Those two statements conflict completely.  While you don't say whether this is gross or net value, it could not have any value unless it had assets (i.e., property), and any asset is capable of being sold.



#3 miami1526

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Posted 11 August 2009 - 08:11 AM

What should an Executor Fee be in WV?


I double checked everything, so let me restate my question and clarify estate amount.


 Real Estate: Homestead,  interest passed to her brother .  Testate's share valued at $32,500.00


Total net cash after liquidation of stocks, bonds, cd's and insurance policies was under $300,000.00  approx  $ 288,812.50.


 



#4 pg1067

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Posted 11 August 2009 - 08:56 AM

A quick google search did not turn up the WV law that provides for the executor's fee.  With an estate valued that high, it would be downright foolish not to engage counsel.




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