Can a personal representative of an estate get paid?
By: Barry E. Haimo, Esq. BARRY HAIMO: An executor or personal representative of an estate can get paid. They can be entitled to compensation. Sometimes estate plan documents provide for no compensation, but under the laws of the state of Florida, by default, such a person or persons or entity can receive compensation.
How much do personal representatives get paid for their time?
As a “lay” representative, meaning someone who is not a professional, a common range of payment is between $15 to $50 per hour. If the personal representative has a full-time job, the court may use how much he earns as a guideline to how much should be awarded.
When does a personal representative have to sell real estate?
The Personal Representative of an estate will be tasked with the sale of real estate if the Will so directs, the beneficiaries ask the Personal Representative to sell the real estate, or the personal estate is insufficient to pay the decedent’s debts, legacies, and administration expenses. See M.G.L. c. 202, § 1.
When does a personal representative have to do a tax return?
The personal representative may have to complete a tax return for the period after the date of death if the tax position of the estate is complex or if the tax liability is significant – this will not be a personal tax return, but a trust and estate tax return. An estate which is not regarded as ‘complex’ can be dealt with informally.
Can a personal representative get paid for their time?
The issue of compensation for the personal representative of an estate can be tricky in the state of Washington. Yes, personal representatives can be paid for their time.
Who is the personal representative of an estate?
The personal representative is the individual who is charged with guiding an estate through the probate process, and it can sometimes be a complicated and time-consuming job. How much they receive and when they’ll be paid can depend on several factors. Did the Decedent Leave a Valid Will?
Can a personal representative steal from an estate?
Personal Representative Stealing from Estate When family members are appointed as executors, also called personal representatives, stealing from the estate is very common. People can be greedy and having access to money makes it all too easy to use that money for their own pleasure.
How much should personal representative be paid for Last Will and testament?
The decedent’s last will and testament should be carefully reviewed for guidance as to how much the personal representative should be paid. Some people choose to limit the fees to a specific dollar amount when they write their wills. Others opt for allowing the payment of reasonable fees based upon state law.