People often wonder how a fiduciary’s fee is determined. If the decedent died with a will (testate) and appointed a fiduciary in the will, that named fiduciary is called the executor of the decedent’s estate. If the decedent died without a will (intestate), the court appoints a fiduciary, that person is called the administrator of the decedent’s estate.
The Ohio Revised Code has codified the manner in which a fiduciary is paid for his or her services in the administration of an estate. The law sets forth the following scale to determine fiduciary fees:
- 4% of the first $100,000 of personal property, income, and proceeds of real estate sold;
- 3% of the next $300,000;
- 2% of the balance;
- 1% of the value of real estate not sold; and
- 1% of all property that is not subject to probate administration and that is includable for purpose of computing the Ohio estate tax, except joint and survivorship property
The fiduciary is free to waive his or her fiduciary fee and in cases where extraordinary services are required of the fiduciary, additional fees can be paid to the fiduciary after court approval.
The attorneys at Kohler & Smith Co., LPA have helped numerous fiduciaries navigate the complexities of estate administration. For more information or to meet with an attorney at Kohler & Smith Co., LPA, please call (614) 888-4911.
