Executor Compensation and Fees (MP)
If the will does not specify how executor compensation should be calculated, MP estates must follow state compensation rules.
In the Northern Mariana Islands, the estate executor is also known as a "personal representative".
8 CMC § 2926 states that reasonable fees should reflect:
- Services rendered during probate
- Benefit to the estate
- Customary charge and rate for such services
Whatever you decide is reasonable, it is important to keep detailed records of your efforts in case you need to justify your fee in court:
- Nature of the task (e.g., Drove to bank to get medallion stamp for IBM stock)
- Amount of time spent (e.g., 2 hours)
- Hourly rate for the task (e.g., $35/hour)
- Results (e.g., sold the car for Blue Book value)
Note that 8 CMC § 2926 also states that it is illegal for a personal representative to calculate fees as a percentage of estate value.
See also Compensation for general remarks on executor compensation.