As an assigned executor in South Carolina, you’re tasked with administering an estate. This process typically consists of paying off debts, collecting annuities and selling property. The time you’ll need to spend varies; some possessions need a good year before a buyer is found. Here’s how you’re compensated for your effort.
Compensation set during probate
The executor is most often compensated based on the value of assets in the estate. During probate, a court examines any orders for the executor’s pay within the will. The value of the estate, when other options don’t exist, is used to determine how much you’re compensated. In South Carolina law, the executor of an estate receives up to 5% of all assets sold.
When wills and estates are publicly examined during the probate process, the compensation due to an executor can be withheld based on a judge’s order. In such cases, the probate judge may have deemed your actions as unreasonable within the scope of work you had. Among the inappropriate actions to take are those that solely benefit you financially. Though compensation is available for your labor, you’re not allowed to seek out financial gains within your transactions.
The 5% that executors earn in South Carolina is from a basic court order. This percentage is the default rate, protecting estates from extravagant fees. Your recompense, however, is ultimately in the hands of the prior estate owner. Through wills and other written provisions, the amount you receive can be directly stated by the decedent.
Administrating someone’s estate when they pass can be emotionally and mentally taxing. In the process, you even have the right to remove yourself from being an executor. If you are capable of completing the probate process, however, your work is entitled to compensation.