Louisiana Executor Compensation

I want to talk to you today about a topic that comes up on occasion with successions. It's about executor compensation. When a person writes a will, they name their executor which is often a spouse, adult child or relative. Unless there's something in the will expressly providing for the amount of compensation the executor is is entitled a fee of 2.5% of succession assets according to Louisiana law.

The gentleman I was speaking with yesterday had a relative pass away and he was named as the executor. There was a specific dollar amount that the person who wrote the will designated for an executor so he is bound by that. This was a little bit unusual. It's common for people to name an executor but it's not common to designate the executor's compensation.

Just be aware of the executor's fee when planning for things if you're involved in a succession. Sometimes it's waived because the executor's fee is subject to income tax and the inheritance is typically not subject to income tax. If you're starting as an executor of a succession and need some help, give us a call and we will help walk you through the process.

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Education

Tags:

• Louisiana
• Executor
• Executor Compensation
• Succession
• Probate
• Louisiana Succession