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What is a personal representative fee?

What is a personal representative fee?

A personal representative in California is entitled to compensation for ordinary services provided to the estate. California Probate Code § 10800. These fees are also called statutory fees, because they are provided by statute.

Can a personal representative be paid an additional fee?

Even in states where the personal representative’s fee is set by state law, he might be entitled to receive an additional fee for “extraordinary” services that are rendered above and beyond the call of duty.

Can a personal representative be paid without a court order?

In some states, fees paid to the personal representative—both ordinary and extraordinary—can be paid at any time during the administration without a court order. But even in these states, the beneficiaries can request a decrease in the fees already paid if the probate judge determines that the fees were not reasonable for the services rendered.

When does the personal representative of an estate get paid?

Out of pocket expenses are typically reimbursed during the course of estate administration. When Will the Personal Representative Receive Payment? In some states, fees paid to the personal representative—both ordinary and extraordinary—can be paid at any time during the administration without a court order.

Can a personal representative collect a bequest fee?

Others opt for allowing the payment of reasonable fees based upon state law. Still others might leave their personal representative a specific bequest instead of authorizing them to collect a fee. This actually provides an income tax benefit for the personal representative because a bequest is nontaxable while fees are taxed as ordinary income.

How much does it cost to have a personal representative?

PR’s are also entitled to a reasonable fee for their services. This fee is often in the range of $25.00 to $50.00 per hour, depending on the complexity of the estate and the background/experience of the PR. Professional PR’s, such as bank or corporate PR’s usually charge more.

Can a personal representative collect fees for an estate?

Otherwise, state law should dictate whether the attorney can collect fees as both the personal representative and as the attorney for the estate. When a professional acts as personal representative, it’s acceptable for her to bill the same hourly rate she charges her other clients for similar work.

In some states, fees paid to the personal representative—both ordinary and extraordinary—can be paid at any time during the administration without a court order. But even in these states, the beneficiaries can request a decrease in the fees already paid if the probate judge determines that the fees were not reasonable for the services rendered.

Is the payment of compensation to the personal representative?

Code § 10803 Any agreement between a Personal Representative and his/her attorney for compensation to the attorney in excess of the above amounts is void. Calif. Prob. Code § 10813 If two or more persons act as co-Personal Representatives, then they share the fees.