How is an executor compensated?

Typically, an executor in Vermont is compensated for their service by receiving a "commission". This commission is typically a percentage of the gross estate, meaning the total value of all assets included in the estate before any debts, taxes, or other expenses are paid off. The exact percentage of the commission is usually determined by Vermont law, and can range from an average of 1-5%. This amount can be adjusted depending on the complexity of the estate. Additionally, the commission rate can be higher if the executor is able to reduce costs or if the executor has made extraordinary efforts to settle the estate. In addition to a commission, an executor might also be compensated for their out of pocket expenses. This includes any money spent while performing the duties of executor, such as travel costs, court costs, and fees charged by professionals. It is important to keep in mind that if the executor is a beneficiary of the estate, they cannot receive a commission. Additionally, if the executor is a professional, such as an attorney or accountant, they usually cannot receive a commission, but they can be compensated for their professional fees.

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