Which term refers to the fee paid to the executor or administrator for administering an estate?

Which term refers to the fee paid to the executor or administrator for administering an estate?

• A. Commission
• B. Surety bond
• C. Guardian
• D. Trust

Answer: (A)

The fee paid to the person who handles the estate in probate is called the commission. Executors or administrators perform the tasks of gathering assets, paying debts and taxes, and distributing property, and the law typically allows a compensation for these services in the form of a commission—often set by statute or approved by the court, sometimes as a percentage of the estate. The other terms refer to different concepts: a surety bond is security ensuring the fiduciary carries out duties, a guardian is someone who cares for a minor or protected person, and a trust is a fiduciary arrangement for managing assets for beneficiaries.

The fee paid to the person who handles the estate in probate is called the commission. Executors or administrators perform the tasks of gathering assets, paying debts and taxes, and distributing property, and the law typically allows a compensation for these services in the form of a commission—often set by statute or approved by the court, sometimes as a percentage of the estate. The other terms refer to different concepts: a surety bond is security ensuring the fiduciary carries out duties, a guardian is someone who cares for a minor or protected person, and a trust is a fiduciary arrangement for managing assets for beneficiaries.