Personal Representative Compensation in Florida Probate Estates
Whether you are the court appointed personal representative of a Florida probate estate or the beneficiary of a Florida probate estate, understanding the rules governing personal representative compensation is important.
Under Florida Statutes Section 733.617, a personal representative is entitled to reasonable compensation for their services. The court determines the amount of compensation based on several factors such as the size and complexity of the estate, the time required to administer the estate, the skill and experience of the personal representative, the results achieved by the personal representative, and the custom in the locality for compensation of personal representatives. The compensation rate varies depending on the circumstances of the case.
Florida uses a percentage of the estate’s value to calculate personal representative compensation, which changes depending on the size of the estate. For instance, the personal representative compensation for an estate worth less than $1 million is 3% of the estate’s value, while an estate between $5 million and $10 million would be 2% of the estate’s value. It is crucial to note that the court can adjust the percentage depending on the factors mentioned earlier. For example, the court might increase the percentage if the personal representative has extensive experience or exceptional results.
Personal representatives are also entitled to reimbursement for expenses they incur while administering the estate. These expenses include legal fees, accounting fees, and other costs associated with the estate administration.
In conclusion, personal representatives are entitled to reasonable compensation based on the size and complexity of the estate, the time required to administer it, and the personal representative’s skills and experience. Importantly, however, that compensation must be reasonable and not excessive.
If you have any questions or concerns about personal representative compensation, contact the attorneys at Purcell, Flanagan, Hay & Greene, P.A. for a consultation.