On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | Jan 9, 2017 | Estate Planning
Acting as the personal representative for an estate in Miami can be quite an awesome responsibility, and one that many have come to us here at The Law Offices of Frye and Vazquez, P.L. so seek guidance in fulfilling. If you have been asked to assume this role, one question that may be lingering in your mind is whether or not you may be compensated for the work that it demands. You may be happy to hear that Florida law does allow you to be paid for your service.
If the articles of the estate to which you have been named as personal representative detail how you are to be compensated, then the court will typically adhere to those terms. If no such guidelines are given, the state has determined its own method to calculate how you will be paid. Your commission is calculated based off of the compensable value of the estate, which is a combination of its inventory value as well as any income it earns during the administration process. Your potential payment schedule is as follows:
- 3 percent commission for the first $1 million in compensable value
- 2.5 percent for any amount above $1 million but less than $5 million
- 2 percent for any amount above $5 million but less than $10 million
- 1.5 percent for any amount above $10 million
Your payment is taken directly from the estate’s assets. Furthermore, you may entitled to an increased commission for any extraordinary work you are required to, such as dealing with litigation against the estate. If you wish, however, to forego any form of compensation out of a feeling a duty to the decedent, you are entitled to do so.
More information specific to the role of a personal representative can be found here on our site.
