Being selected as the estate administrator for a decedent’s estate entering probate can be a challenging prospect. There are plenty of nuances regarding wills and trusts, estate planning, and so forth that you are going to need to know in order for the probate process to run smoothly. However, if you have been chosen to be the estate administrator, all of your efforts will not be thankless. In Florida, you are entitled to receive a commission equal to 3% of the estate’s total value.
Assets that can contribute to the final value of the decedent’s estate include:
- Real estate property
- Retirement funds and life insurance policies
- Savings and checking accounts
- Prized possessions, like heirlooms
- Stocks, bonds, and similar funds
You will also need to know how estate taxes and outlying tax filings will impact the value of the estate. The decedent may have passed away with debts owed to creditors. The commission the estate administrator receives may be calculated using the remaining assets after all debts have been reasonably satisfied.
Can You Earn More Than 3% Commission?
There are many probate cases that drag intense complications into the matter, usually due to a grand size of the total estate. If managing a probate case as a state administrator is an arguable hardship, then it might be possible to earn more than the usual 3% commission. You can use a probate lawyer’s assistance to ask the court to justify an upward departure from the 3% norm.
Do you need help managing the estate of a decedent? Want to ensure that you get a fair commission for your time and energy put into administrative tasks? Work with Haynes & De Paz, P.A. and our probate attorneys in Longwood and Orlando to take the guesswork out of your case. With our creative, insightful approach to case work, you can be confident that your probate matters will conclude soundly. Contact us today to schedule a risk-free consultation.