Most probate matters are straight forward without thousands of dollars for attorney’s fees. The Probate Representative. 82-783.) I heard between 2% and 5% depending on the size of the estate. The executor must identify and locate all of the assets, determine all of the debts, liabilities and obligations and identify the rightful beneficiaries of the estate. As a practical matter, however, its always best to try to reach agreement with the beneficiaries of the estate. The information on this website is not legal advice and does not create an attorney-client relationship. In other states, reasonable fees for probate work can run from 1 to 5 percent of the estate's value. According to the Illinois Probate Act, the petition must be filed with the court in the proper county and must state: 1. Hourly fees Many probate attorneys charge hourly. Illinois courts have determined that charging fees based upon a percentage is … Attorneys who work solely as executors may charge executor fees, not their customary hourly legal billing rates. We do not do everything, but we have a large network of trusted professionals who we work with. In Illinois, hourly fees for executors' work are customary. The Illinois Probate Act of 1975 provides that executors shall be paid reasonable compensation from the estate for their work, without defining what is "reasonable." Under Article XXVII of the Illinois Probate Act of 1975, executors are entitled to be paid reasonable compensation for their work in managing an estate. An executor in Illinois handles the estate of a deceased person according to the instructions in a will. executor fees. This includes both an executornamed under the terms of a Will and an administrator in the case of a decedent who dies intestate. If formal probate is not required, the legal fee can be under $1,000.00. Many states have laws that establish fees for executors and administrators based upon a percentage of the value of the estate. I have been named as executor in a will for an Illinois decedent, but I am not a resident of Illinois. The bottom line: If probate is required, the cost of probate in Illinois is typically $4,000.00 to $6,000.00 in a relatively simple estate with no disputes and a competent executor or administrator. Illinois Probate Act 755 ILCS 5/6-14: Power of Executor Before Issuance of Letters Even though a decedent may name someone in his (or her) will to serve as executor of his estate , the named individual does not have legal authority to act as executor until the Illinois Probate Court has formally appointed him and issued him letters testamentary. While actual calculations are more complex, examples include 5% of amounts received or paid out in cash for Texas estates, or 4% of gross value for CA estates worth <$100K. In Illinois, an executor must file the will with the probate court within 30 days of the death of the testator, the person who wrote the will. In 2011, in the important case of In Re: Estate of Weeks, the Illinois Appeals Court ruled that the state has no legal authority for an executor charging a percentage fee. On the upside, there is some assurance that the fees that are charged in probate estates are, at least, reasonable in light of the actual value of the work that is done. So where does that leave us? Typically, the probate court will find executor fees reasonable if it aligns with what people have received in the past as compensation in that area. If the heirs or creditors challenge the will or any other aspect of the probate, the executor will also have to file responses and appear at a court hearing, if required. The probate court has the ultimate say in whether a fee is reasonable. . At the hearing, the court will either appoint an executor or administrator to administer the estate, and admit the will or Probate. The requirement for verification means that the Executor or Administrator must sign the inventory before it is filed with the Court. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the certificate, award or recognition is not a requirement to practice law in Illinois. 110 1/2, par. The Typical Fee for an Executor of Estate in Maryland. As the fees must be submitted to the probate court for approval, the beneficiaries have a right to object to those fees to the court. Once an Executor or Administrator is appointed by the Probate court, he/she is empowered under Illinois law to act as the official representative of the estate. But a dispute over fees can lengthen a probate case considerably, and if the court rules in favor of the executor in the case, the heirs may be obligated to pay additional fees and costs. In Illinois, hourly fees for executors' work are customary. May I still serve as executor? Quite often the Illinois probate attorneys we suggest will only require clients to pay upfront the court costs and will wait until the probate estate is officially closed before they take a fee. The information on this website is for general purposes only and should not be interpreted to indicate a certain result will occur in your specific legal situation. p. (630) 406-5440 It says only that the fee must be “reasonable” without providing any additional guidance. Founder/president of the innovative reference publisher The Archive LLC, Tom Streissguth has been a self-employed business owner, independent bookseller and freelance author in the school/library market. Save my name, email, and website in this browser for the next time I comment. Read More: What Are the Duties of an Executor of a Will in Illinois? Even a small estate in Illinois will cost in the neighborhood of $4,000, which consists of attorneys’ fees, executor’s fees, and legal costs. Your email address will not be published. This isn’t all legal fees, most representatives (administrator or executor) are entitled to an hourly fee, and there are also court costs, publishing fees and fees to other professionals (notably accountants). The handling of a probate administration can take nine months or more. Small estates can present very complex and unusual circumstances that require a great deal of effort and time. Some people may be very efficient, and some may be very inefficient, but time is probably the best measure of value, together with the degree of complexity and particular circumstances of the estate. Yes! For this reason, its important for executors or administrators to keep track of time spent in the handling of the administration of a probate estate. To make all this a little more concrete, an IL estate worth $500K that required 700 hours of effort might generate $19K in executor fees (see calculator below). Likewise, large estates, especially estates that are well planned, can sometimes be more efficient and simpler to handle than smaller estates. Illinois law provides for "reasonable" compensation for the work your executor must perform in administering your estate. Some family members and I have been asked to all agree on an amount for the executor and don't know where to start. 111 Flinn St. In Illinois, we don’t have the luxury of using a percentage as a guideline. If you’d like a bit more (free) help understanding the estate settlement process, you can answer a few simple questions and get a free custom executor plan here on Executor.org.. And, here are the executor fees by state, so you know how much compensation is reasonable. For more articles on estate planning topics, see the Fox Valley Estate Planning Blog. For articles related to family law matters, visit Drendel & Jansons Family Law Blog. For additional articles on various topics of law, visit the general Drendel & Jansons Law Group Blog. For various legal resources, visit the Drendel & Jansons Resource Page. Executors must submit the amount of their requested fees to the probate court for approval. If the heirs think the fee the executor is charging is excessive, they have the right to object; the court then schedules a hearing on the matter and the judge makes the final determination. Aurora, IL 60506 Whether or not a will appoints an executor, Illinois law provides for reasonable compensation for these services at an hourly rate, not based on a set percentage of the estate's assets. 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