Summary:

In this podcast episode, Jenna & Gordon discuss the rules and regulations around executor compensation in Alberta, emphasizing the importance of fair compensation for the significant responsibilities involved. They recommend keeping track of expenses and providing reimbursement for out-of-pocket expenses, even if the executor chooses not to charge for their time and effort. 

The speakers highlight the surrogate rules in Alberta, which provide guidelines for compensation, taking into account factors such as estate size and complexity, care and management, and money coming in and out of the estate. They also discuss the potential benefits and drawbacks of including a compensation clause in the will and the importance of good communication in estate planning and administration.

Key points:

•  Keep track of expenses and reimburse out-of-pocket expenses, even if the executor chooses not to charge for their time and effort.
• Surrogate rules in Alberta provide guidelines for compensation, taking into account factors such as estate size and complexity, care and management, and money coming in and out of the estate.
• Professional executors have their own pre-existing compensation agreement, typically involving a percentage of the estate's value.
• Good communication is crucial in estate planning and administration to keep beneficiaries informed and prevent disputes and challenges to executor compensation.
• Consider including a compensation clause in the will but be cautious in setting an appropriate amount as circumstances can change over time.

Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
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Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
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