Serving as the Personal Representative, or the “PR”, of an estate can be stressful and time consuming. At first, one might feel privileged to be entrusted with the responsibility. As disgruntled family members seek their inheritances and creditor claims pile up, the PR may sometimes feel that administering the estate may start to feel like a part time job. Thankfully, the Florida Statutes recognize these burdens and allow PRs to be compensated for their services. If the PR needs to sell property, manage the deceased business, or litigate on behalf of the estate, the PR may be entitled to additional compensation for their extraordinary services. If the PR is also a beneficiary, any amount received as compensation for serving as the PR will be in addition to any amount they may be entitled to inherit as an heir.
- Single Personal Representative: A single PR may receive up to 3% of the value of the estate from the estate’s assets for ordinary services.
- Co-Personal Representatives: If there are two acting PRs, each make receive a fee up to 3%, not to exceed 6% between them.
- Multiple Personal Representatives: If there are more than two PRs, their share will be apportioned according with a maximum allowance of 6%.
The decision to take the allowed fee may implicate unfavorable tax consequences. Therefore, the Personal Representative should weigh their options to determine the best course of action. An experienced attorney at Lavender Greenberg can help.