This decision is up to you but settling an estate can be quite a bit of work. For this reason, most people choose to compensate their Executor. However, you should keep in mind that many Executors choose to hire a law firm to help them administer the estate. In this situation, a significant portion of the work will be offloaded onto the law firm. Also, if you have a family member serving as Executor, any compensation they receive for serving as Executor will be reported as taxable income, whereas amounts they receive as a beneficiary are not taxable income.
March 3, 2022