Texas Estates Code 352.002 – Standard Compensation
(a) An executor, administrator, or temporary administrator a court finds to have taken care of and managed an estate in compliance with the standards of this title is entitled to receive a five percent commission on all amounts that the executor or administrator actually receives or pays out in cash in the administration of the estate.
(b) The commission described by Subsection (a):
(1) may not exceed, in the aggregate, more than five percent of the gross fair market value of the estate subject to administration; and
(2) is not allowed for:
(A) receiving funds belonging to the testator or intestate that were, at the time of the testator’s or intestate’s death, either on hand or held for the testator or intestate in a financial institution or a brokerage firm, including cash or a cash equivalent held in a checking account, savings account, certificate of deposit, or money market account;
(B) collecting the proceeds of a life insurance policy; or
(C) paying out cash to an heir or legatee in that person‘s capacity as an heir or legatee.
Terms Used In Texas Estates Code 352.002
- Court: means and includes:
(1) a county court in the exercise of its probate jurisdiction;
(2) a court created by statute and authorized to exercise original probate jurisdiction; and
(3) a district court exercising original probate jurisdiction in a contested matter. See Texas Estates Code 22.007 - Estate: means a decedent's property, as that property:
(1) exists originally and as the property changes in form by sale, reinvestment, or otherwise;
(2) is augmented by any accretions and other additions to the property, including any property to be distributed to the decedent's representative by the trustee of a trust that terminates on the decedent's death, and substitutions for the property; and
(3) is diminished by any decreases in or distributions from the property. See Texas Estates Code 22.012 - Executor: A male person named in a will to carry out the decedent
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Heir: means a person who is entitled under the statutes of descent and distribution to a part of the estate of a decedent who dies intestate. See Texas Estates Code 22.015
- Intestate: Dying without leaving a will.
- Legatee: A beneficiary of a decedent
- Legatee: includes a person who is entitled to a legacy under a will. See Texas Estates Code 22.021
- Person: includes a natural person and a corporation. See Texas Estates Code 22.027
- Testator: A male person who leaves a will at death.