Do you know how lucrative acting as an executor can be?

It’s a unique job. You can be appointed with no formal qualifications and no experience working in the field. You set your own hours and don’t have to record your time but ironically, it could be the highest paid work you ever do.

There’s typically no mention in a will that the executor is entitled to a fee but executors are definitely entitled to one. There’s a piece of provincial legislation called the Trustee Act. Section 88(1) of that act says: “…an executor…is entitled to…not exceeding 5%...of all the assets of the estate by way of remuneration for their care, pains and trouble and their time spent…”

The median price for a single-family home in Kelowna is in the range of $1.15 million. Five percent of that alone is $57,500. Add on $1 million of investments and you’re up to $107,500.00. That’s........

© Castanet