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. Executors must submit the amount of their requested fees to the probate court for approval. As a practical matter, however, its always best to try to reach agreement with the beneficiaries of the estate. Reviewed by: Michelle Seidel, B.Sc., LL.B., MBA. The requirement for verification means that the Executor or Administrator must sign the inventory before it is filed with the Court. Illinois courts have determined that charging fees based upon a percentage is not legally authorized by the statute. 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. It says only that the fee must be “reasonable” without providing any additional guidance. The executor of an estate has a variety of duties to accomplish according to state laws on estates and probate proceedings. The question I get asked all the time is: What is a reasonable fee? See Illinois Compiled Statutes Chapter 755 §5-27-1 for rules concerning executors, and IL Rule 1.5(a) for the potentially relevant guidance concerning lawyers acting as executors. Pay taxes. For example, an Illinois estate worth $500K that required 700 hours of effort might generate $19K in executor fees: see EstateExec calculator. Representative or Independent Representative - Illinois Probate Act of 1975, 755 ILCS § 5/1. 111 Flinn St. Of course, we also need to consider the hourly rate. Is a certain percentage appropriate? This site uses Akismet to reduce spam. In Illinois, attorneys receive an hourly fee, not a percentage of the estate. The Illinois Probate Act at 755 ILCS 5/1-2.15 defines a “Representative” as follows: “Representative includes executor, administrator, administrator to collect, standby guardian, guardian and temporary guardian.” 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. Illinois Compiled Statutes Table of Contents. The information on this website is not legal advice and does not create an attorney-client relationship. f. (630) 406-6179, 2000 W. Galena Blvd. Ultimately, the reasonableness of the fee must be determined by the court. Read More: What Are the Duties of an Executor of a Will in Illinois? ... Who may act as executor: Illinois Probate Act, 755 ILCS 5/6-13; This includes paying all of the debts and final bills, satisfying any lingering obligations, and identifying the property and other assets of the decedent so that the net assets can be distributed to the rightful beneficiaries. Illinois General Assembly: Illinois Compiled Statutes: Estates, IL Fourth District Appeals Court: In Re: Estate of Weeks. Accountings are governed by 755 ILCS 5/24-1 of the Probate Act. Section 27-1 of the Probate Act provides that “[a] representative is entitled to reasonable compensation for his services . Again, there are no hard and fast rules of thumb. You can also find us on Facebook, follow us on Twitter, and connect with us on LinkedIn or Pinterest and get regular updates when they are posted. 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. Executors may charge higher hourly fees for more complex and time-consuming work on large estates; an authoritative case decided in the Illinois First District Appeals Court in 2011 found $50 to be a reasonable hourly rate. 82-783.) Most probate matters are straight forward without thousands of dollars for attorney’s fees. Probate cases can be unpredictable because it's impossible to know every issue that might come up. Any third party awards and recognitions described, listed or displayed on this site are not intended to be representations by the Drendel & Jansons Law Group or the attorneys in the firm, but are simply evidence of our acknowledgement and acceptance of those awards and recognitions for which we have been nominated by third parties based on whatever criteria they have used. Attorneys who work solely as executors may charge executor fees, not their customary hourly legal billing rates. The estate will be settled in chicago, Illinois. Specific information about the attorneys in the Drendel & Jansons Law Group can be obtained on the individual attorney pages. Required fields are marked *. 110 1/2, par. In that way, obtaining agreement from the beneficiaries of the estate is a good litmus test for reasonableness. To open a probate case in Illinois, the will and a number of necessary documents must be filed with the court. Yes! 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). An executor is named in a person’s will. 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. 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