Florida Personal Representative Form For Probate
Description
How to fill out Florida Personal Representative's Deed Of Distribution?
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FAQ
(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.
Determine your eligibility: In Florida, the personal representative of a probate estate must be at least 18 years old and have no felony convictions. You must also be a Florida resident, a close relative of the deceased, or a Florida resident who is related by marriage or adoption to the deceased.
Letters of administration are a legal documents, issued by a probate judge, that appoint a Florida personal representative to act on behalf of Florida probate estates. Letters of administration are issued as part of formal administration.
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.
The personal representative can be an individual or a bank or trust company, subject to certain restrictions. To qualify to serve as a personal representative, an individual must be either a Florida resident or, regardless of residence, a spouse, sibling, parent, child, or other close relative of the decedent.