Executor Compensation and Fees (MD)
If the will does not specify how executor compensation should be calculated, MD estates must follow state compensation rules (see MD calculator below).
In Maryland, the estate executor is known as a "personal representative".
If compensation specified by the will is not greater, Maryland statute dictates that compensation should be "reasonable", and should not exceed the following percentages of the estate (as calculated before considering any debts or obligations):
- 9.0% on the first $20K
- 3.6% on anything more
So, for example, a Maryland estate worth $10,000 would yield at most $900 in executor fees, and one worth $1M would generate a maximum of $37,080 in executor fees.
Note that funds which pass directly to named beneficiaries, such as life insurance policies or 401Ks, are not included in these calculations.
If compensation specified by the will is deemed inadequate, the court can also grant additional compensation, subject to the limitations above.
EstateExec provides the following executor compensation estimator for MD 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 cannot 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 perform the sometimes complex calculations to calculate the qualified gross estate value (you can create an estate for free).
See also Compensation for general remarks on executor compensation.