Executor Compensation and Fees (CT)Show Table of Contents
If the will does not specify how executor compensation should be calculated, CT estates must follow state compensation rules (see CT calculator below).
The state of Connecticut, however, doesn't have any hard and fast rules about executor compensation.
A rule of thumb used by many Connecticut probate judges is that a fiduciary's fee of less than 4% of the gross estate is presumed reasonable, and many people believe that anything on the order of 3-5% is okay. Note that assets with named beneficiaries (such as an IRA) are not normally included in these calculations, since they are not considered to be part of the probate estate, and pass directly to the beneficiaries.
On the other hand, some people use a "services-rendered" approach to calculating compensation: according to this approach, fees are determined according to the nature of the work involved, the effort involved, the professional background of the executor, the results and benefits of that work for the heirs, and so forth.
In reviewing a proposed executor fee, the court may ask for a task statement describing:
- size of the estate
- responsibilities involved
- character of the work required
- special problems and difficulties met in doing the work
- results achieved
- knowledge, skill and judgment required
- manner and promptness in which the matter was handled
- time required
- other relevant and material circumstances
The bottom line is that the court gets to approve or disapprove any amount, and it tries to follow a "reasonableness" standard.
See See Connecticut Rules of Procedure Rule 39.
CT Compensation Calculator
EstateExec provides the following executor compensation estimator for CT estates, but please keep in mind that circumstances may vary, and that there may be special situations addressed by local custom or law. By using this estimator, you acknowledge that EstateExec provides any results as informational input only, not as legal advice, and be held responsible for any inaccuracies for, or misunderstandings about, any given estate.
You can use this calculator now, but if you use EstateExec to help you track the settlement process, it will automatically analyze your estate and suggest values for the Estate Value field below (you can create an estate for free).
See also Compensation for general remarks on executor compensation.