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Executors act in a fiduciary capacity, and as such, a high level of accountability is required for their work.An attorney well versed in probate and tax matters can help with all aspects of the estate process and guide an executor to serve as a responsible fiduciary.An executor’s duties include giving notices to the estate beneficiaries and next of kin, gathering assets and filing an inventory with the court, paying bills and estate administration expenses, filing tax returns, making distributions to beneficiaries, and providing an account of all transactions to the probate court.
Probate assets: If an asset does not have a specific beneficiary designation or joint owner, it is considered a probate asset.
Executor fees in Ohio are set by statute: 4% of the first 0,000 of probate assets; 3% of the next 0,000; and 2% of the assets above 0,000.
In addition, there may be a fee of 1% on non-probate assets (except assets in survivorship, for which there can be no fee).
Attorney fees are payable at the end of the estate process when the final account is prepared and final distributions are being made to beneficiaries, unless otherwise approved by the court.
Executor Fees: Executors can be compensated for the responsibility taken and the time and effort they put in to complete the estate process.