How much can a Personal Representative charge in SC?
Generally, a Personal Representative is entitled to a commission not to exceed 5% of the value of the personal property of the estate.
Who can serve as Personal Representative in South Carolina?
(S.C. Code Ann. § 62-3-203.)…Under this rule, the following people qualify as family members eligible to represent your estate:
- your surviving spouse.
- a parent, child, or sibling.
- an aunt, uncle, niece, or nephew.
- your mother-in-law, father-in-law, son-in-law, or daughter-in-law, or.
- a grandparent or grandchild.
What are reasonable Personal Representative fees?
The PR is entitled to take a reasonable fee that can range between. 5% to 3 % of the value of the estate. However, any fee taken will be taxable income to the PR. Thus, whether a PR charges a fee is often a tax issue.
What is a Personal Representative in South Carolina?
A Personal Representative is under a duty to settle and distribute the estate of the decedent in accordance with the terms of any probated and effective Will and the South Carolina Probate Code, as expeditiously and efficiently as is consistent with the best interests of the estate.
Does executor get paid in SC?
Can an Executor Get Compensated in South Carolina? Generally, any such executor compensation is paid during the final stages of estate distribution, as one of the last things the executor does. Be careful not to pay yourself while leaving debts unpaid, as this may expose you to legal issues.
Who is a personal representative in South Carolina?
A Personal Representative in South Carolina, formerly known as an executor, is a person that is in charge of handling the affairs of someone’s estate when they die.
How much does a personal representative get paid?
The minimum commission payable is fifty dollars, regardless of the value of the personal property of the estate. (b) Additionally, a personal representative may receive not more than five percent of the income earned by the probate estate in which he acts as fiduciary.
Who is the personal representative of a deceased person?
Personal representatives manage the estates of deceased persons. If there is a will, the personal representative must follow its terms. If there is not a will, the personal representative is the administrator of the estate.
How does a personal representative manage an estate?
Key Takeaways 1 Personal representatives manage the estates of deceased persons. 2 If there is a will, the personal representative must follow its terms. 3 If there is not a will, the personal representative is the administrator of the estate.
A Personal Representative in South Carolina, formerly known as an executor, is a person that is in charge of handling the affairs of someone’s estate when they die.
How much is a personal representative entitled to a commission?
Generally, a Personal Representative is entitled to a commission not to exceed 5% of the value of the personal property of the estate. This does not include the value of real estate, unless the real estate is sold by the Personal Representative as part of the administration of the estate. Question: What if someone objects to the Will?
What are the rights of a personal representative?
The personal representative is liable for the acts they commit in the duty of their position unless waived by the will. The personal representative may also be required to post bond with the court to cover any losses to the estate, unless waived by the will. The personal representative is also entitled to be compensated for their service.
How much income can a personal representative receive?
(b) Additionally, a personal representative may receive not more than five percent of the income earned by the probate estate in which he acts as fiduciary.