Yes, it is common. Trustee legislation allows for trustees to be compensated for their work. In Ontario, the courts typically award up to 5% of the gross value of the estate but will take into account a numbers of factors including the size and complexity of the estate, the time and effort expended, the success of the administration and any special issues that have arisen. In many family situations, family members often decline to take compensation including if they are beneficiaries. In some cases, it may not be advantageous to take compensation which is taxable income. The Will can deal with compensation and set out an amount or a percentage of the value of the estate or a basis such as the time spent and an hourly rate.
I am the court appointed executor/administrator of my mom’s estate with a land trust. My brother was a grantee passed away suddenly with a lein on my mom’s paid off mortgage. Benefliciaries aren’t cooperating at all. What should I do?
In order to address your situation, further facts are needed. We would advise consulting a lawyer to address your particular situation and get proper legal advice to protect you in acting as the executor or administrator.
Is it typical for an executor/trix to receive compensation? What is a reasonable amount?
Yes, it is common. Trustee legislation allows for trustees to be compensated for their work. In Ontario, the courts typically award up to 5% of the gross value of the estate but will take into account a numbers of factors including the size and complexity of the estate, the time and effort expended, the success of the administration and any special issues that have arisen. In many family situations, family members often decline to take compensation including if they are beneficiaries. In some cases, it may not be advantageous to take compensation which is taxable income. The Will can deal with compensation and set out an amount or a percentage of the value of the estate or a basis such as the time spent and an hourly rate.
I am the court appointed executor/administrator of my mom’s estate with a land trust. My brother was a grantee passed away suddenly with a lein on my mom’s paid off mortgage. Benefliciaries aren’t cooperating at all. What should I do?
In order to address your situation, further facts are needed. We would advise consulting a lawyer to address your particular situation and get proper legal advice to protect you in acting as the executor or administrator.