Not only is this an important step in our mission to bring estate settlement forward from the 18th to the 21st century, but it should play an important role in minimizing family tensions that so often arise during this overall process.
SILICON VALLEY, Calif. (PRWEB) June 01, 2018
By law, the estate of every person who dies must have an executor (usually a family member named in the will), and serving as an executor takes significant effort, often measured in hundreds or thousands of hours. While executors are entitled to compensation, the amount of compensation is frequently a point of contention – in part because compensation regulations can be vague and hard to understand.
For example, more than 20 states say only that the compensation should be “reasonable”, leaving executors to have to research court precedent and local practice to try to determine appropriate fees. States with more explicit specifications can be equally confusing. In North Carolina, for example, executors are entitled to at most 5% of receipts and expenditures, except for real estate, unless the real estate is sold, and then only the proceeds used for paying down debts or fulfilling specific cash bequests can be counted.
EstateExec’s Executor Compensation Calculator offers fair and objective calculations for each state, based on individual state regulation, court precedent, national surveys, and parameters of the estate. EstateExec’s software organizes all these practices, and automatically applies them to available estate data.
“We’re excited to be making this calculator freely available to the general public,” said Dan Stickel, Founder and CEO of EstateExec. “Not only is this an important step in our mission to bring estate settlement forward from the 18th to the 21st century, but it should play an important role in minimizing family tensions that so often arise during this overall process.”
EstateExec facilitates much more than just executor compensation, and offers a way to make the entire estate settlement process simpler and easier. It provides automatically customized task lists, financial tracking and accounting, distribution management, cost basis calculation, online access control, and more. The complete package is $99, with volume discounts available to law firms and other organizations with multiple clients.
ABOUT EstateExec: Based in Silicon Valley, EstateExec is the leading provider of software for estate executors, making the estate settlement process simpler, easier, and more transparent. EstateExec is fast, easy, secure, and reduces risk of executor error. For more information, visit http://www.EstateExec.com.