Closing a loved one’s estate in Tennessee takes a lot of time and hard work. As a result, individuals who handle the probate process as the executors of the estates often receive compensation for their time and effort. How much they receive and when depends on certain stipulations.
First, it is important to review the decedent’s will. In some cases, a person will have detailed a specific monetary amount that an executor should receive, and others may choose to let state law decide. Another option is to leave the executor a specific asset or other bequest rather than having the representative collect a fee from the estate. It is important to know what the decedent indicated in his or her will. If no designation was included, state law will take precedence.
When it comes to payment under state law, the policies differ from state to state. For instance, some states require a calculation involving a specific percentage relating to the gross value of the estate, and some states require a percentage relating to transactions handled by the executor for the estate. In other instances, the probate court may hold the decision-making ability as to what the executor’s fee should total.
Though most people likely do not take on the role of executor for the fee involved, it is still an important aspect of probate administration to consider. In order to understand what factors play roles in deciding the fee in Tennessee, it may be useful to speak with knowledgeable attorneys. These legal professionals can provide reliable information on this and other topics relating to executor duties and closing estates.