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Are executors or administrators entitled to a fee?

April 26, 2017administrators entitled EXECUTORS fee

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Are executors or administrators entitled to a fee?

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Yes. Unless the Will specifies some other remuneration, the Trustee Act sets out a maximum fee of 5% of the gross value of the estate plus 5% of the income plus 0.4% of the average annual value of the assets. The fee is taken when the accounts are passed. In addition, they are entitled to reimbursement for reasonable out of pocket expenses.