How is the fee for being the executor of a will in Florida computed? And how is the executor paid?
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How is the fee for being the executor of a will in Florida computed? And how is the executor paid?
Asked on June 25, 2009 under Estate Planning, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Florida probate law requires that all estates that require administration be dealt with by a Florida probate lawyer. However, if you can do your estate with disposition without administration, then you do not require a probate lawyer to help you. Usually very small estates and estates where the sole beneficiary is also the executor are when disposition without administration can be used. All other estates require that you hire a probate lawyer to handle the administration. The payment of attorneys fees for estate probate is governed by Florida statute 733.6171.
733.6171 Compensation of attorney for the personal representative -
(1) Attorneys for personal representatives shall be entitled to reasonable compensation payable from the estate assets without court order.
(2) The attorney, the personal representative, and persona bearing the impact of the compensation may agree to compensation determined in a different manner than provided in this section if the manner is disclosed to the parties bearing the impact of the compensation and if no objection is made as provided for in the Florida Probate Rules.
(3) Compensation for ordinary services of attorneys in formal estate administration is presumed to be reasonable if 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 the administration as provided in the following schedule:
(a) One thousand five hundred dollars for estates having a value of $40,000 or less
(b) An additional $750 for estates having a value of more than $40,000, but not exceeding $70,000.
(c) An additional $750 for estates having a value of more than $70,000 and not exceeding $100,000.
(d) For estates having a value in excess of $100,000, at the rate of 3 percent on the next $900,000.
(e) At the rate of 2.5 percent for all above $1 million and not exceeding $3 million.
(f) At the rate of 2 percent for all above $3 million and not exceeding $5 million.
(g) At the rate of 1.5 percent for all above $5 million and not exceeding $10 million
(h) At a rate of 1 percent for all above $10 million.
Additional amounts can be awarded for extraordinary services, such as litigation or handling complex assets. Absent other agreement, the executor is paid from the proceeds of the estate.
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