Executor Compensation and Fees (WI)
If the will does not specify how executor compensation should be calculated, WI estates must follow state compensation rules (see WI calculator below).
In Wisconsin, the estate executor is known as a "personal representative".
Subject to approval of the court, executor fees are set at 2% of the net value of the estate assets, or a rate agreed with the decedent or the majority interest of the heirs.
Net asset value is calculated as the value of the assets at time of death, minus any associated mortgages or liens, plus any net gains during the course of settlement. Funds which pass directly to named beneficiaries, such as life insurance policies or 401Ks, are not included in these calculations.
For example, a Wisconsin estate with a qualified net value of $50K would generate $1K in executor commissions, and one worth $1M would generate $20K.
Additional reasonable compensation is allowed for extraordinary services. Common interpretations of "extraordinary" include overseeing the sale or lease of real estate, running a business, conducting litigation, preparing tax returns yourself, handling tax audits, and so on.
WI Compensation Calculator
EstateExec provides the following executor compensation estimator for WI 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 qualified net value (you can create an estate for free).
See also Compensation for general remarks on executor compensation.