Illinois Law/ Executor Fee

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Latest post 06-27-2007 5:09 PM by Drew. 2 replies.
  • 06-27-2007 5:02 PM

    Question [=?] Illinois Law/ Executor Fee

    We recently sold my father in laws home and settled the rest of his estate. My husband is the will's executor. I need to know two things.

    1. What is the percent of the estate that the executor can take?

    2. Is this percent based on the net or gross amount of the estate--for example, is the fee taken on the selling price of the house or the amount we received after lawyer fees, realtor fees, etc. were taken out??
  • 06-27-2007 5:06 PM In reply to

    re: Illinois Law/ Executor Fee

    "What is the percent of the estate that the executor can take?"

    Your husband needs to ask a local estate-probate attorney. I don't know that it's a set percentage; most states' statutes say a "reasonable fee".

  • 06-27-2007 5:09 PM In reply to

    • Drew
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 49,591

    re: Illinois Law/ Executor Fee

    Generally a fee is a % of the GROSS but thje % may vary by state---

    Note an executors fee is taxable income--sometimes its better to take a larger share if such can be agreed upon

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