Did you remember to ask the person who drafted your Will how the executor’s fees will be charged?
The Administration of Estates Act 66 of 1965 stipulates that the Executor shall be entitled to such remuneration:
- As may be fixed by the deceased by his / her will; or
- According to a prescribed tariff, and shall be taxed by the Master
It is not common practice to fix a fee in the Will (although it can be done), as the value of the estate will fluctuate, and the type of assets can change from the date of executing the Will to the date of death.
According to tariff, the executor is entitled to 3.5% on the gross value of assets in an estate and 6% on income accrued and collected after the death of the deceased.
It is best to discuss the fees with your family upfront so that they are aware of how the fees will be calculated.