Estate Administration Services

Estate administration is the process of settling a decedent’s estate and transferring property to his or her heirs and beneficiaries.  The executor – also called the administrator – is responsible for overseeing the settlement and transfer of this estate.  Estate administration can be complex and time consuming.  We encourage our clients to select an executor who is honest, diplomatic, and diligent, and who has integrity, strong organizational skills, common sense, and, most importantly, the time necessary to dedicate to the process. 

Selecting a Professional Administrator

Many clients avoid placing the burden of estate administration on a family member or friend by appointing a professional administrator.  Selection of an independent third party may avoid difficult family politics, provide objectivity, or provide the expertise necessary to manage a particularly complex estate.

Legacy Fiduciary Services

Legacy Fiduciary Services, PLC offers professional estate administrative services to its client.  In serving as the executor or personal representative, Legacy Fiduciary Services provides the following services:

  • Probate of the will
  • Collect and secure estate assets  
  • Asset appraisals and valuations 
  • Asset management (i.e., real estate)
  • Submit reports to beneficiaries 
  • Qualification of the executor
  • Reports to the Commissioner of Accounts
  • Collection of monies owed to the estate
  • Maintain records of income and expenses
  • Prepare state and federal income tax returns


Fees

For our services as executor of an estate or trustee of a testamentary trust (i.e., a trust created by a will), our fees are based on: (1) the value of the probate assets; and (2) the value of the non-probate assets. 

  • Assets included in the probate estate: 
First  $400,000
Next $300,000
Next $300,000
Over $1,000,000
Over $5,000,000
5%
4%
3%
2%
1%
  • Assets not included in probate estate:
First $1,000,000
Over $1,000,000    
2%
1%

 

No fee is charged on income earned by the estate.  If non-routine or extraordinary services are required, additional fees are charged on an hourly basis.  Examples include management of real estate or a business, sale of business interests or assets, sale of real estate as an accommodation, and litigation.  In addition, the following supplemental charges apply:

  • Court accountings preparation:
$105/hour
  • Tax accountings preparation: 
$105/hour
  • Annual tax return preparation: 
$500 per return


Professional Investment Advisor

Our firm does not provide professional investment advisory services.  As executor of an estate, if such services are required, we will employ a professional investment advisor to management the investments of the estate assets under our control.  Recommendations from the beneficiaries are taken into account.  The fees of the investment adviser are in addition to any fees charges for our professional administrator services.