Can an executor (family member) of a deceased estate, with the signed agreement from all beneficiaries of the estate charge a rate of commission - 0.5% of total estate assets without seeking approval from the courts?
Your starting point for the discussion is what is written in the will regarding commission. The Law Institute of Victoria notes the following:
Executor’s commission: An executor is generally entitled to claim all costs and expenses incurred in administering the estate. An executor is not entitled to be paid unless this is stated in the will or the beneficiaries agree to the payment. The executor can also apply to the Supreme Court for an executor’s commission of up to 5 per cent of the value of the estate if the administration is particularly complex and time consuming.
