A Personal Representative’s Compensation for Ordinary Services

Personal Representative's compensationThe Florida Statutes: Compensation of a Personal Representative

The personal representative, the attorney, and other professionals whose services may be required in administering the probate estate (such as appraisers and accountants) are entitled by law to reasonable compensation. The personal representative’s compensation is usually determined in one of five ways:

  1. as set forth in the will;
  2. as set forth in a contract between the personal representative and the decedent;
  3. as agreed among the personal representative and the persons who will bear the impact of the personal representative’s compensation;
  4. the amount presumed to be reasonable as calculated under Florida law, if the amount is not objected to by any of the beneficiaries; or
  5. as determined by the judge.

Probate and personal representative

If no arrangements were made for compensation of the personal representative, a personal representative shall be entitled to a commission payable from the estate assets without court order as compensation for ordinary services. The commission shall be based on the compensable value of the estate, which is the inventory value of the probate estate assets and the income earned by the estate during administration. A commission computed on the compensable value of the estate is presumed to be reasonable compensation for a personal representative in formal administration as follows:

  • At the rate of 3 percent for the first $1 million.
  • At the rate of 2.5 percent for all above $1 million and not exceeding $5 million.
  • At the rate of 2 percent for all above $5 million and not exceeding $10 million.
  • At the rate of 1.5 percent for all above $10 million.

Real estate as probate assetIn addition to the previously described commission, a personal representative shall be allowed further compensation as is reasonable for any extraordinary services including, but not limited to:

  • The sale of real or personal property.
  • The conduct of litigation on behalf of or against the estate.
  • Involvement in proceedings for the adjustment or payment of any taxes.
  • The carrying on of the decedent’s business.
  • Dealing with protected homestead.
  • Any other special services which may be necessary for the personal representative to perform.

For help or answers to other estate-related questions, you can contact BaskinFleece at 727.572.4545.

 

This blog is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Because the law is continually changing, some provisions in this blog may be out of date. It is always best to consult an attorney about your legal rights and responsibilities in your particular case.

One thought on “A Personal Representative’s Compensation for Ordinary Services

  1. Pingback: What Does a Personal Representative Do? | BaskinFleece

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