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  1. #1
    LMay is offline Junior Member
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    Personal Representative/Trust

    What is the name of your state? FL If a person is the personal Representative of the Estate and Successor of the Trust how is the fee determined to the representative and successor trustee caculated. Is it only on the total that is probated or percentage of the entire Estate?
    Thank you for you response.
  2. #2
    BlondiePB is offline Senior Member
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    For The Probated Estate, Not The Trust

    733.617 Compensation of personal representative.--

    (1) A personal representative shall be entitled to a commission payable from the estate assets without court order as compensation for ordinary services. The commission shall be 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 administration.

    (2) A commission computed on the compensable value of the estate is presumed to be reasonable compensation for a personal representative in formal administration as follows:

    (a) At the rate of 3 percent for the first $1 million.

    (b) At the rate of 2.5 percent for all above $1 million and not exceeding $5 million.

    (c) At the rate of 2 percent for all above $5 million and not exceeding $10 million.

    (d) At the rate of 1.5 percent for all above $10 million.

    (3) In addition to the previously described commission, a personal representative shall be allowed further compensation as is reasonable for any extraordinary services including, but not limited to:

    (a) The sale of real or personal property.

    (b) The conduct of litigation on behalf of or against the estate.

    (c) Involvement in proceedings for the adjustment or payment of any taxes.

    (d) The carrying on of the decedent's business.

    (e) Dealing with protected homestead.

    (f) Any other special services which may be necessary for the personal representative to perform.

    (4) If the will provides that a personal representative's compensation shall be based upon specific criteria, other than a general reference to commissions allowed by law or words of similar import, including, but not limited to, rates, amounts, commissions, or reference to the personal representative's regularly published schedule of fees in effect at the decedent's date of death, or words of similar import, then a personal representative shall be entitled to compensation in accordance with that provision. However, except for references in the will to the personal representative's regularly published schedule of fees in effect at the decedent's date of death, or words of similar import, if there is no written contract with the decedent regarding compensation, a personal representative may renounce the provisions contained in the will and be entitled to compensation under this section. A personal representative may also renounce the right to all or any part of the compensation.

    (5) If the probate estate's compensable value is $100,000 or more, and there are two representatives, each personal representative is entitled to the full commission allowed to a sole personal representative. If there are more than two personal representatives and the probate estate's compensable value is $100,000 or more, the compensation to which two would be entitled must be apportioned among the personal representatives. The basis for apportionment shall be one full commission allowed to the personal representative who has possession of and primary responsibility for administration of the assets and one full commission among the remaining personal representatives according to the services rendered by each of them respectively. If the probate estate's compensable value is less than $100,000 and there is more than one personal representative, then one full commission must be apportioned among the personal representatives according to the services rendered by each of them respectively.

    (6) If the personal representative is a member of The Florida Bar and has rendered legal services in connection with the administration of the estate, then in addition to a fee as personal representative, there also shall be allowed a fee for the legal services rendered.

    (7) Upon petition of any interested person, the court may increase or decrease the compensation for ordinary services of the personal representative or award compensation for extraordinary services if the facts and circumstances of the particular administration warrant. In determining reasonable compensation, the court shall consider all of the following factors, giving weight to each as it determines to be appropriate:

    (a) The promptness, efficiency, and skill with which the administration was handled by the personal representative;

    (b) The responsibilities assumed by and the potential liabilities of the personal representative;

    (c) The nature and value of the assets that are affected by the decedent's death;

    (d) The benefits or detriments resulting to the estate or interested persons from the personal representative's services;

    (e) The complexity or simplicity of the administration and the novelty of the issues presented;

    (f) The personal representative's participation in tax planning for the estate and the estate's beneficiaries and in tax return preparation, review, or approval;

    (g) The nature of the probate, nonprobate, and exempt assets, the expenses of administration, the liabilities of the decedent, and the compensation paid to other professionals and fiduciaries;

    (h) Any delay in payment of the compensation after the services were furnished; and

    (i) Any other relevant factors.

    History.--s. 1, ch. 74-106; s. 80, ch. 75-220; s. 1, ch. 76-172; s. 5, ch. 88-340; s. 1, ch. 90-129; s. 10, ch. 93-257; s. 1, ch. 95-401; s. 141, ch. 2001-226; s. 109, ch. 2002-1.

    Note.--Created from former s. 734.01.
  3. #3
    BlondiePB is offline Senior Member
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    737.204 Proceedings for review of employment of agents and review of compensation of trustee and employees of trust.--

    (1) After notice to all interested persons, the court may review the propriety of the employment by a trustee of any person, including any attorney, auditor, investment adviser, or other specialized agent or assistant, and the reasonableness of any compensation paid to that person or to the trustee.

    (2) If the settlor's estate is being probated, and the settlor's trust or the trustee of the settlor's trust is a beneficiary under the settlor's will, the trustee, any person employed by the trustee, or any interested person may have the propriety of employment and the reasonableness of the compensation of the trustee or any person employed by the trustee determined in the probate proceeding.

    (3) The burden of proof of propriety of the employment and the reasonableness of the compensation shall be upon the trustee and the person employed by the trustee. Any person who is determined to have received excessive compensation from a trust for services rendered may be ordered to make appropriate refunds.

    (4) Court proceedings to determine reasonable compensation of a trustee or any person employed by a trustee, if required, are a part of the trust administration process. The costs, including attorney's fees, of the person assuming the burden of proof of propriety of the employment and reasonableness of the compensation shall be determined by the court and paid from the assets of the trust unless the court finds the compensation paid or requested to be substantially unreasonable. The court shall direct from which part of the trust assets the compensation shall be paid.

    (5) The court may determine reasonable compensation for a trustee or any person employed by a trustee without receiving expert testimony. Any party may offer expert testimony after notice to interested persons. If expert testimony is offered, a reasonable expert witness fee shall be awarded by the court and paid from the assets of the trust. The court shall direct from which part of the trust assets the fee shall be paid.

    (6) Persons given notice as provided in this section shall be bound by all orders entered on the petition.

    (7) In a proceeding pursuant to subsection (2), the petitioner may serve formal notice as provided in the Florida Probate Rules, and such notice shall be sufficient for the court to acquire jurisdiction over the person receiving it to the extent of the person's interest in the trust.

    History.--s. 1, ch. 74-106; s. 4, ch. 75-221; s. 3, ch. 95-401; s. 1038, ch. 97-102; s. 16, ch. 2003-154.

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