It is important that everyone involved in probate procedures, whether as a personal representative, beneficiary, interested person or otherwise, understands how the personal representative`s lawyer is remunerated. If the will is silent on how much the personal representative must pay, then the personal representative can review Idaho`s regulations. Specifically, Idaho code 15-3-719 states: «A personal representative is entitled to reasonable compensation for his or her services. If a will provides for compensation for the personal representative and there is no indemnification contract with the testator, he may waive the disposition before being entitled to the disposition and be entitled to appropriate compensation. A personal representative may also waive his or her right to all or part of the compensation. A written waiver of fees may be submitted to the court. If a professional acts as a personal representative, it is acceptable for them to charge the same hourly rate as they charge their other clients for similar work. During his life, a testator (a person who has made a will) can sign a written agreement with a lawyer on compensation for the lawyer`s performance in the administration of the estate. The agreement must be in writing. If such an agreement exists, the lawyer must provide the personal representative with a copy of the written agreement before starting work. A copy of the agreement must be sent to all interested persons if the lawyer is ultimately employed by the personal representative. See, Fla. Stat. § 733.6171(6).
At the request of an interested person, the tribunal may increase or decrease compensation for the ordinary services provided by the Personal Representative or award compensation for exceptional services if the facts and circumstances of the respective administration so warrant. In determining appropriate compensation, the tribunal shall take into account all of the following factors and weightings as it deems appropriate: (a) the speed, efficiency and expertise with which the administration was handled by the personal representative; Still others might leave some legacy to their personal representative instead of giving them the power to charge fees. This actually provides a tax advantage to the personal representative, as a bequest is not taxable, while the fees are taxed as ordinary income. Lawyers, personal representatives and those who bear the effects of compensation (mainly the beneficiaries of the estate) can agree on a compensation plan of their choice. B for example an hourly rate. See, Fla. Stat. § 733.6171(2). If you have been asked to serve as a personal representative or trustee for a family member or loved one, and you have questions about how you do this work and how you are paid for it, we can help. We have helped many personal and fiduciary representatives manage estates and trusts, and we are confident that we can help you too! To give you an idea of how «ordinary» estate expenses can add up in California, here are some representative examples: (f) the involvement of the personal representative in estate tax planning and estate beneficiaries, as well as in the preparation, review or approval of tax returns; (b) the responsibilities he assumes and the potential responsibilities of the personal representative; I have personally seen Idaho courts determine that hourly rates of up to $25 per hour are suitable for non-professionals. When a professional is appointed, such as an accountant or lawyer, he or she has the right to be paid for his or her profession, regardless of reasonable hourly rates. The last will of the deceased must be carefully examined to know how much the personal representative must be paid.
Some people choose to limit the fee to a certain dollar amount when writing their will. Others choose to allow the payment of reasonable fees on the basis of state law. The will should also direct payment to a lawyer who also acts as a personal representative, but it is possible that the deceased and the lawyer entered into a separate written agreement at the time the will was drafted. Otherwise, state law should dictate whether the attorney can charge fees for the estate both as a personal representative and as a lawyer. Sometimes the beneficiaries of the estate and the personal representative mutually agree on the amount and when the personal representative will be paid, regardless of what the will says or what state law provides. This can happen at the beginning of the estate process or towards the end when the estate is preparing to close. Under this law, administrative claims that would include personal agent fees or fiduciary fees have the highest priority to be paid over any other claim under the estate. .