I would like to know how important it is to have an executor for my wife and my Will?Thank you John

Question

I would like to know how important it is to have an executor for my wife and my Will?

Thank you John

Answer

Extremely important because if the court appoints someone they get 4% of the first $100,000, 3$ of the next $100,000, 2% of the next $800,000. It is based upon the value of the property with no deduction for debts. So if you have a house worth $300,000 with a loan of $300,000 on it, an appointed executor/administrator would be entitled to a fee of $9,000 on a house with no equity in it. Administrators act for the "best interest of the estate" and not the heirs,which means they often do what is the easiest for them and will generate cash so they can be paid. You wishes are more likely to be carried out by someone you nominate then a stranger.