California has two tiers of executor compensation for Los Angeles executors who are named in a will. Let us explore executor fees in Los Angeles Ca.
Tier 1: Statutory Compensation or Statutory Fees for Executors in California
Statutory Fees are calculated based on a chart and a formula. The formula for statutory fees in California is rather simple.
Inventory + Receipts + Capital Gains – Capital Losses. = The number which you will look up in the chart as the base for statutory fees.
The sample of the California Statutory Executor Fee Chart or Probate Fee Chart is below: You can find the Statutory Fee Chart here:
|APPROXIMATE GROSS ESTATE SIZE||ORDINARY PROBATE FEE IN LOS ANGELES CALIFORNIA|
The statutory fee generally covers the filing of the initial petition for probate, inventory, notice to creditors and the final distribution. If there are difficulties in collecting the assets, or any litigation involved, the fees will increase and extra-ordinary fees will be added to the California Statutory Fees.
Tier 2: Extra-Ordinary Executor Fees in California
Each County in California has a range of hourly rates for executors which they deem as reasonable in the community for family executors and professional executors. We have seen these range from $30-$150 per hour for executor extra-ordinary compensation.
How do you know if a task is extra-ordinary?
The Extra-Ordinary fees generally cover sales of real estate, taxes, litigation, and any extra-ordinary efforts to marshal assets. Ask us about specific items.
Call Mina Sirkin, Los Angeles Executor attorney who regularly handles matters involving executor compensation and fees in California. We represent family executors and professional executors including corporate executors. Call our executor lawyer at 818.340.4479 and email us at Info@SirkinLaw.com for a complimentary executor consultation in Los Angeles California. #executorfees #probatefees