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Does an administrator of an estate get paid in Florida?

Florida statute law determines executor compensation based on the gross value of the administered estate (as calculated before considering any debts or obligations) and any income it earns during the probate period: 3.0% on the first $1M. 2.5% on the next $4M. 2.0% on the next $5M.

What are Florida probate fees?

For estates between $1 million and $3 million: 2.5% For estates between $3 million and $5 million: 2% For estates between $5 million and $10 million: 1.5% For estates of $10 million and above: 1%

How long does it take to become personal representative in Florida?

The formal probate administration usually takes 6-9 months under most circumstances - start to finish. This process includes appointing a personal representative (i.e., the "executor"), a 90 days creditor's period that must run, payment of creditor's claims and more.

Does a personal representative have to be court appointed in Florida?

\u2014Any interested person may petition to administer the estate of a missing person; however, no personal representative shall be appointed until the court determines the missing person is dead.

How long do you have to file probate after death in FL?

Filing for probate \u2013 10-day deadline This specifies that the individual in possession of the deceased's last will and testament must file for probate within 10 days from the date of death of the deceased in the same county where the deceased died. The size of the estate to be probated does not affect these ten days.

personal representative of estate form

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What is the personal representative fee in Florida?

(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.

What power does a personal representative have in Florida?

Further under section 733.602(1), Florida Statutes, \u201ca personal representative is under a duty to settle and distribute the estate of the decedent in accordance with the terms of the decedent's will and this code as expeditiously and efficiently as is consistent with the best interests of the estate.\u201d

Does a personal representative have to be court appointed in Florida?

\u2014Any interested person may petition to administer the estate of a missing person; however, no personal representative shall be appointed until the court determines the missing person is dead.

How long does it take to be appointed personal representative in Florida?

In a formal estate administration, it typically takes around 4-6 weeks to have the personal representative appointed. The estate generally remains open for around 1 year, however this will vary depending on what the personal representative needs to accomplish during the estate administration.

How long does it take to become personal representative in Florida?

The formal probate administration usually takes 6-9 months under most circumstances - start to finish. This process includes appointing a personal representative (i.e., the "executor"), a 90 days creditor's period that must run, payment of creditor's claims and more.

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