What are reasonable hourly fees to act as Personal Representative for an estate?
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What are reasonable hourly fees to act as Personal Representative for an estate?
What expenses (i.e. plane, hotel0 are also includable when the PR lives out of state? If a named beneficiary wishes to have the proceeds from the sale of real property, are 401K proceeds exempt from use by the PR for settling the estate mortgage and debts?
Asked on June 24, 2012 under Estate Planning, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am sorry for your loss. It may be advisable for you to retain an attorney in the probate state, which I am assuming is Colorado. I would not start using proceeds to pay off mortgages on a house that you are selling. Some one needs to take a look at the entire picture with you. Now, in Colorado ther is no set fee for an executor but you can not charge a percentage of the estate. A reasonable rate is considered to be $20 to $30 an hour, with those lesser duties at a reduced rate and those more important duties at a higher rate. Understand that you will need to provide a detailed accounting of the duties and it would be good to get an agreement between the beneficiaries and you about the fee. Good luck.
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