As the executor of an estate, your expenses incurred in handling the estate are reimbursed from the estate assets. Typical examples are filing fees, parking fees, and money that you pay to have the estate assets secured or cleaned.
You are also reimbursed for reasonable travel costs that were incurred only because of the estate. For example, if you would have paid the airfare to attend your mother’s funeral whether you were the executor or not, then you would not be reimbursed. However, if you had to travel to the Surrogate’s office to file the will, then that cost can be reimbursed. You can be reimbursed a reasonable amount, which can include mileage on your auto.
The IRS issued its 2015 standard mileage rates and effective January 1, 2015 the IRS allowed rate is 57.5 cents per mile driven for business. This rate can be applied to the miles you drive as the executor.
These are guideline amounts that you may use, and which the other beneficiaries can object to, but they certainly give you a starting point.
If you have questions about avoiding Probate in Camden County, feel free to contact our office for a free consultation.
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