Troup, TX Estate Planning Law Firms & Lawyers

The attorney for the estate should tell you what he expects you to do. In Missouri, the personal representative receives a commission based on the value of the property that is actually part of the probate estate. This would only include real property if it was sold. The probate estate normally (in Missouri) does not include any property that the decedent owned jointly with another person (except tenancy in common) and will not include property in trust or life insurance proceeds payable to a named beneficiary (other than the personal representative or the estate). The commission scale is as follows: 5% on the first $5,000 4% on the next $20,000 3% on the next $75,000 2.75% on the next $600,000 2% on everything over $1,000,000.

The court will only give you instructions on whether or not you need to file an inventory. As executor/administrator you should hire an attorney to advise you on how to proceed. The will may say whether you are to be paid or not. Often times even when the will says the executor can be paid, if the executor is also an heir and it is family, they often waive the fee. If there is no will then you are likely eligible for a statutory fee of up to 5% of the value of the estate (ie. the proceeds that you collect from selling assets).