Last Updated Sept. 15, 2017: Hourly Executor Fees; hourly vs. percentage.
From Our “Ask a Question” mailbag: Hourly Executor Fees; hourly vs. percentage.
“My children would just endlessly fight each other, so I want to name a lawyer as my executor. I see most lawyers charge a percentage of the estate to serve as executor. But your website says you charge by the hour. Which is better?
For a thorough examination of what an executor can charge for services, take a look at our article “PA Executor Fees: Everything You Need to Know” or “A Guide to New Jersey Executor or Personal Representative of Estate Fees.” These articles tell what the statute allows.
Why I Charge Hourly Executor Fees.
Over the years I have found that when serving as executor, charging a percentage of the estate is seldom a fair fee. The number is often far more than the time I spend. I feel more comfortable charging my hourly rate for actual work done. By billing hourly, I get paid for the time I spend. I would rather be busy than seek out an extra fee. I prefer a win-win situation with my clients rather than trying to maximize fees in every case.
Hourly or percentage, either is legal and proper. I just feel that the better way to do business is to charge by the hour.
In conclusion, in this Post, I tried to answer the question, “Why Do I charge hourly for serving as executor.” So, let me know how I did. Comments and questions are welcome!
If you have further questions about Executor Fees or any other questions about the Probate Process, feel free to contact our office for a free consultation with one of our Probate Lawyers.
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Author, Peter Klenk, Esq.