Australia's leading provider of affordable DIY legal kits
Call our Customer Care Specialists on 1300 728 200
   

Legal Forum

Welcome to the FREE AussieLegal Forum

This FREE legal forum is supported by participating lawfirms in your local area.
The information contained in this public forum, and any comments made by the administrators, it's appointed mediators, or members of the public are of a general nature and may not be regarded as financial or legal advice in any way. We recommend that you seek formal advice from a practicing solicitor or licensed financial advisor regarding your particular situation. By registering to use this forum you meet the above criteria and agree to abide by all of the above rules and policies.

To be sure we provide you with the most relevant information to your state, please let us know which state you your legal matter resides in:

ACT  NSW  NT  QLD  SA  TAS  VIC  WA  

AussieLegal recommends this law firm:

  FAQ FAQ  Forum Search   Register Register  Login Login

$663 per hour executors commission

 Post Reply Post Reply
Author
  Topic Search Topic Search  Topic Options Topic Options
OLD George View Drop Down
Newbie
Newbie
Avatar

Joined: 30/July/2015
Location: yering
Posts: 6
  Quote OLD George Quote  Post ReplyReply Direct Link To This Post Topic: $663 per hour executors commission
    Posted: 13/August/2015 at 15:22
Good morning,

So the executors (who was an accountant and auditor) figures have come back-

The Executor wants $100,785.00 for 152 hours work- that is $663.05 per hour.

that is 4 weeks work at $25,196.25 per week .

he is charging for non professional services as a layman .

there is no charging clause- so he is pressing the beneficiaries for 2.5% of the estate.

And is now threatening to go to court -

He has already used estate money to pay a lawyer to do all the legal work $115,000.

     - his accounting firm to do all the accounting work $12,000
     - for all his vehicle expenses.
     - for his travel costs - train and toll roads.

The executor then sold the property $1.185M below the current market value offer .

The estate has already paid out over $130,000 in fees for the estate to be administered .

On what Planet could an Executor justify charging $663.05 Per hour for anything ??

The prime minister of Australia only get $254.00 per hour.

No common man could accept this - its completely unreasonable .



whats the most you have ever heard an executor charging .???     




Eddy View Drop Down
Senior Member
Senior Member


Joined: 14/December/2012
Location: Australia
Posts: 179
  Quote Eddy Quote  Post ReplyReply Direct Link To This Post Posted: 13/August/2015 at 16:49
That sounds excessively high, but is that the rate they've quantified to you, or something that you calculated?

OLD George View Drop Down
Newbie
Newbie
Avatar

Joined: 30/July/2015
Location: yering
Posts: 6
  Quote OLD George Quote  Post ReplyReply Direct Link To This Post Posted: 13/August/2015 at 21:03

They are the figures taken straight off his paper work :

His itemized diary accounts for every minute he spent, including travel time and distances.

the total of his diary accounts to 152 hours .

The statement off account states that we have already paid the legal and accounting fees

Now he is demanding his commission 2.5% on top = $100,785.



at this rate the total administration of the estate will have cost 5.65% or $227,785 in total .

goingbonkers View Drop Down
Senior Member
Senior Member
Avatar

Joined: 11/September/2009
Location: Australia
Posts: 755
  Quote goingbonkers Quote  Post ReplyReply Direct Link To This Post Posted: 13/August/2015 at 21:59
Is the executor also a beneficiary?
The judge will likely ignore your Will, and give your savings to whoever they think should have it'http://changefpa.com.au

waitandsee View Drop Down
Senior Member
Senior Member


Joined: 01/May/2014
Location: Australia
Posts: 104
  Quote waitandsee Quote  Post ReplyReply Direct Link To This Post Posted: 14/August/2015 at 15:17
Not a doubt in the world the executor is milking this cow for all its worth,and know doubt about it he will be sitting pretty with plenty of $$$$ in the back pocket once this is done and dusted.
   

HelloNewman View Drop Down
Newbie
Newbie
Avatar

Joined: 02/July/2006
Location: Australia
Posts: 26
  Quote HelloNewman Quote  Post ReplyReply Direct Link To This Post Posted: 24/November/2015 at 19:26
That is one horror story. Proves you have to have a will and given to a trusted

Is there a company that holds wills and checks papers or birth, death and marriages office?

 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Want to save money?

Check out our list of do-it-yourself legal kits.

Need formal advice?

Let us help you find a lawyer who specializes in your particular area of law.

Need further information?

Visit our legal forum where you can ask questions and search for similar topics.