The Role of Executor: Does the Executor Pay for Legal Advice?
Many people in Ontario are apprehensive about seeking the assistance of an estate lawyer. They’re worried that they’ll be burdened with more costs, and in turn, more stress.
In most cases, however, the costs of professional advice are covered by the testator’s estate itself. Rarely does Lees & Lees ever see an executor have to pay for our services out of their own pocket.
But there is a small catch. Depending on the services the executor seeks out, these costs may be covered by the executor’s compensation.
Does the Executor of Estate Receive Compensation?
Which brings us to the topic of executor compensation. Do executors really receive compensation for their role as fiduciary?
The role of executor is a demanding one. On top of being burdened with feelings of loss, grief, and sadness, they’re given a desk-load of materials to sift through as executor. With or without the guidance of an attorney, being an executor is a challenge.
Generally, executors are entitled to compensation. This compensation is not owed by the testator’s surviving family, the provincial or federal government, or any other institution. The compensation is owed by the estate itself. The amount which is owed by the estate can also be contested by the executor themselves. When the executor’s compensation is contested, the process of ‘passing accounts’ is supervised by the courts.
When undergoing the passing of accounts process, many executors retain the services of a lawyer to ensure no mistakes are made and that they receive the compensation they deserve. The passing of accounts often entails a full review of all the executor’s actions as executor, so conducting oneself in a professional manner is essential.