Serving as a personal representative or executor of someone’s will and administering their estate through the probate process can be time consuming. For this reason, Maryland law allows executors to receive ‘reasonable’ compensation. What may be reasonable in one case may not be so in another. Several factors determine the amount of compensation allowed.
The first most time-consuming responsibility requires the executor to identify and locate all the decedent’s assets. The complexity of this task correlates to the amount of compensation ultimately awarded.
Next, the executor must keep the property safe and secure during the probate process, which may involve maintaining insurance. The executor must prepare an inventory of all assets and submit it to the court. The executor must also provide notice to creditors and settle the debts of the estate. All of this is done prior to making distributions to beneficiaries.
In exchange for all this, the personal representative has the right to request “reasonable compensation.” The invoice submitted to the court must include a detailed account of the time spent on the matter. The court weighs the requested compensation against how complicated the estate was to settle to determine whether the request is approved. For help with estate administration or determining how to request reasonable compensation for time spent as an executor, contact Stouffer Legal at 443-470-3599.