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Friday, June 6, 2014

How much should you pay your executor?

I came across a good article in www.client.advisor.ca that is worth a read for anyone trying to determine the right amount to pay an executor. Click here to read the article.

One of the first sentences in the article is that being an executor "is not a job you'd expect someone to do for free". I disagree with that. I've met numerous people who assume that their children or other family members will be quite happy to do the job for free.

My advice is that if you want your executor to do the job for free, say so right up front in your will. That way your executor can turn down the job if he or she is not willing to do it without compensation. Don't assume that because you don't mention compensation in your will that everyone will be able to read your mind.

I vividly recall one very heated conversation between siblings that erupted because one child of the family had been appointed as executor but the will said nothing about compensation. His point of view was that because executors are by law entitled to be paid a fair amount, his father did not have to say so in his will. His siblings, who found him greedy for wanting to be paid for his work and responsibility, claimed that "if Dad had wanted you to be paid, he would have said so".

Do your kids and everyone else a favour, and make a clear statement in your will about what your executor may charge.

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