Fl Personal Representative Florida Withholding
Description
How to fill out Florida Personal Representative's Deed Of Distribution?
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FAQ
In Florida, executors are entitled to a percentage of the decedent's estate as compensation for their work. This starts at 3% of the first million dollars, 2.5% on the next four million dollars, and 2% on the next five million dollars. However, a higher amount can be specified in the will at the grantor's discretion.
Ing to Florida Statutes, section 733.301- Preference in appointment of personal representative, where the decedent died testate, the person nominated in the will to serve as personal representative has the first priority.
First priority is given to the costs administering the estate, attorney fees, and your fee for acting as personal representative, followed by funeral and burial expenses. After that, you must settle taxes and preferred debts under federal law, debts owed to public assistance programs, and unpaid court costs.
Fortunately, if you are working with a Florida probate estate, there are no state-level income or estate taxes to worry about. Of course, the personal representative may need to deal with other local tax issues, such as paying property taxes on the decedent's home or other real estate holdings.
Your fee is based on the value of the estate. If the estate value is $1 million or less, your fee is 3% of the estate assets. If the estate value is between $1 million and $5 million, your fee is 2.5% of the estate assets. If the estate value is between $5 million and $10 million, your fee is 2% of the estate assets.