Executors must submit the will to probate court, then dispose of the estate according to the will. Both executors and administrators must make an inventory and appraisal of the estate, then file that information with the court. Executors and administrators are held liable for the debts and taxes of the estate, as well as any losses resulting from unauthorized or improper investments of estate funds. Executors and administrators are, as a rule, allowed a reasonable compensation for the services they perform in the administration of a decedent's estate. This right arises from and is controlled by statute, unless the will specifically provides the amount of an executor's compensation.
Commissions are the most common form of compensation to executors and administrators.
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