There are numerous benefits and downsides associated with serving as a personal representative for someone else’s estate. Not only does this require a lot of skill and responsibility, but it also opens you up to lawsuits.
Thus, it is prudent to ask whether or not such a large task comes along with appropriate compensation.
The duties of an executor
The Florida State Bar discusses your right to reasonable compensation for your service as personal representative. First, you must understand your duties under this role.
The role of an executor takes a long time to carry out fully and properly. You not only need to give creditors notice about their ability to file claims against the state, but you are in charge of paying statutory amounts to the decedent’s beneficiaries. In other words, it is your job to pass out the assets of the deceased person to the people mentioned in their will.
On top of that, you have to take reasonable steps and make efforts to close the estate, file taxes on the decedent’s behalf, pay valid claims and find creditors. It is a time-consuming job.
Compensation for executorial duties
Sometimes, the owner of the estate plan will provide a separate will or contract and will outline the method and amount of compensation you will receive for your work in that. In other cases, a judge may be the one to determine this. In others still, you and those affected by your payment may work out an agreement together.
But in the end, you will get some form of compensation for the work and effort that you put into this job.