When someone asks you to serve as his or her personal representative in Florida, you may have to weigh the pros and cons associated with doing so before agreeing to serve in this role. Serving as someone’s personal representative requires a high degree of organization and responsibility. It also exposes you to potential lawsuits, so you may wonder if you are going to receive compensation in exchange for your efforts.
According to the Florida Bar, you have entitlement to “reasonable compensation” when you agree to become a personal representative on behalf of someone else.
Understanding your duties
Many of the duties you have in an executor role take time. You have an obligation to give creditors notice that they may now file claims against the estate. You also have to pay statutory amounts to the decedent’s surviving spouse and family members. Furthermore, you need to make reasonable efforts to find creditors, pay valid claims, file tax returns on the decedent’s behalf and close the estate, among other obligations.
Understanding possible methods of compensation
Sometimes, the person for whom you serve as personal representative outlines how you are to receive compensation in his or her will or a separate contract. Other times, a judge determines the amount you are to receive, or you and those impacted by how much you receive may work out an amount together, among other possible methods.
The probate process is often complex. When you serve as a personal representative, you may also need to have an attorney advise you of your rights and obligations to make sure you cover your bases.