Legal Question in Wills and Trusts in Iowa

Executors' fees

Deceased (6/2006)was the mother of the two beneficiaries who are brothers. Brother #1 is the executor and wishes to claim the 2% fee on all assets. Which of these assets are subject to the executor's fee:

1.Joint Tenancy property (He was joint tenant wros with mother on house 62K. Both brothers and mother were joint tenants wros on bank checking account 26K)

2. Revocable Trust property (Trust formed on 10/1995 included all deceased's investments and split 50/50 between the brothers at death, 783K.)

3. Personal property (Left in will to brother #1, 25K)

4. Cemetary lots (Divided equally between 2 bros., 3K)

5. Personal injury lawsuit settlement (Ongoing at time of death, since settled for 250K, Medicare has not yet been reimbursed.)

6. Refunds since date of death (Held in estate checking account, 3K)

Are all of these assests subject to the 2% fee levy, or are jointly titled assets and trust assets exempt from the fee?


Asked on 4/17/07, 3:00 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Executors' fees

If properly done, joint and trust assets should not be included as part of the estate. It is also unusual for an executor in a situation like this to receive a fee at all.

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Answered on 4/20/07, 10:22 am


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