As an estate executor, you certainly have a lot on your plate, from managing assets to paying debts, among other responsibilities. The role can be time-consuming and stressful, so understanding how much you should be paid for your efforts is crucial.
In Nevada, executors are entitled to reasonable compensation for their time and effort when administering an estate. However, this compensation isn’t strictly defined by law. It is generally based on the size and complexity of the estate as well as the tasks involved.
Nevada’s legal guidelines for executor compensation
If the will does not specify an amount or provide for a flat fee, Nevada law provides some guidance on how much an executor should earn. The compensation is typically based on the accounted value of the estate as follows:
- For the first $15,000: Executors receive 4% of the value.
- For the next $85,000: Executors receive 3%.
- For any amount above $100,000: Executors receive 2%.
It’s worth noting that an executor may be entitled to additional compensation for extraordinary services rendered in managing the estate. These may include tasks such as selling or mortgaging property, operating a decedent’s business or engaging in estate-related litigation.
Can an executor pay themselves without approval?
An executor must get approval from the probate court before paying themselves. If there’s any doubt over the amount, the court will review the fee and ensure it aligns with the work performed. Getting prior approval can also help avoid misunderstandings among the interested parties.
If you’re unsure about what constitutes fair compensation for your role as an executor or have questions about this as a will beneficiary, reaching out for legal guidance can help protect your interests and ensure everything is handled according to the law.