Being named as the executor of the estate of your friend’s or loved one’s estate is a big responsibility. You will have many obligations, such as identifying the estate’s assets, filing the proper paperwork, notifying creditors, and ultimately distributing the assets, just to name a few. There may also be complicated or nuanced procedures that you will need to understand and deal with in the process. If you have been named the executor of the estate of your friend or family member, you may be wondering how much it will cost to become an executor.
At the beginning of any probate case, whether or not there is a will, the case must be opened by filing a petition asking the court to open probate. There will be a filing fee associated with this case, which in most counties in California is around $435. There will also be a newspaper publication fee, which can be as low as $150 or as high as $900 for the publication process. The publication is to notify potentially interested parties of the pending suit. The petition to open the probate will also need to be served on particular parties by mail, by use of a notice of hearing. However, if a person is approved as executor, these fees are not paid personally by the executor, but rather by the estate. Similarly, if there is an attorney that must be hired to represent the estate, that attorney will be paid from the estate. California Probate code §10810 provides a maximum fee schedule for attorneys based on the value of the estate. You should be aware, however, that if you have to hire an attorney to represent you as the executor due to, for example, allegations of mishandling the estate there are additional fees. Moreover, the executor is entitled to be compensated for his or her time spent on administering the estate. Like a probate attorney, California law provides that an executor will receive a percentage of the total assets in the estate.
If you have been named as the executor of an estate in a will, contact us today. We can discuss with you your rights and responsibilities.
