Typically, the personal representative is designated in the decedent’s last will – in most cases, a friend or a close relative of the deceased person. However, if there is no will, the court will appoint a person to serve as the personal representative to the intestate estate.
Florida state law provides that all the time and effort applied by a personal representative must be awarded a commission. Keep reading to discover how much a personal representative may receive upon executing an estate in Florida.
Florida Personal Representative – Understanding the Concept
Florida Statutes §733.608 (1) provides that, during probate, “all real and personal property of the decedent, except the protected homestead, within this state and the rents, income, issues, and profits from it shall be assets in the hands of the personal representative.”
As a consequence, the personal representative is granted authority to act as necessary to execute and administer the decedent’s estate. Overall, the personal representative is responsible for:
- Arranging the decedent’s funeral services
- Issuing Notice of Administration to notify those who are entitled to part of the decedent’s estate
- Identifying, gathering, and protecting all assets that are part of the estate
- Determining the value of all probate assets within the decedent’s estate
- Preparing a detailed inventory
- Accessing property held in safe deposit box(es)
- Arranging for the management and security of estate property
- Issuing notice to creditors
- Paying or objecting to claims placed by creditors against the estate
- Handling payments of all debts and expenses incurred by both the decedent and the estate
- Handling all income-tax and estate-tax liabilities
- Filing tax returns
- Hiring professionals to help during the probate process (e.g., attorneys, appraisers, etc.)
- Distributing the assets to beneficiaries
- Closing the estate
How Much is a Personal Representative Paid in Florida? – As Provided by Law
Florida law (Fla. Stat. §733.617) provides that “a personal representative shall be entitled to a commission payable from the estate assets without court order as compensation for ordinary services.”
In terms of value, Florida Statutes §733.617 (1) adds that “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.”
As listed by Florida Statutes §733.617 (2), the executor’s commission computed on the compensable value of the estate subject to probate is “presumed to be reasonable compensation for a personal representative in formal administration as follows:
- At the rate of 3% for the first $1 million
- At the rate of 2.5% for all above $1 million and not exceeding $5 million
- At the rate of 2% for all above $5 million and not exceeding $10 million
- At the rate of 1.5% for all above $10 million
Additionally, Florida Statutes §733.617 (3) provides that a personal representative is entitled to further compensation “as is reasonable” for performing “any other special services which may be necessary for the personal representative to perform.”
Some examples of extraordinary services performed by a personal representative include:
- Selling real or personal property
- Handling a litigation process on behalf of or against the estate
- Handling proceedings for the adjustment or payment of any taxes
- To carry on the decedent’s business
- Handling protected homestead
Florida Personal Representatives’ Fees – Immediately Contact Your Florida Probate Lawyer
Handling all the affairs of a personal representative is not an easy task, which requires expert legal guidance. Waste no time – call Attorneys Romy B. Jurado and Diana L. Collazos at (305) 921-0976 or email [email protected] to schedule a consultation.
