ASK A LAWYER - Executors Are Due Reasonable Commission

Orlando Sentinel, December29, 2008

Question: I am single and have no children. I currently have a trusted friend as executor of my estate, but she is close to my age, as are my siblings.

How do I find a good candidate to appoint as my estate executor? I want to ensure that whoever is appointed is compensated but cannot drain my estate.
J.J.
Orlando

FRANK POHL
Pohl & Short, P.A.

Answer:
In Florida, executors are known as personal representatives. In addition to family members and financial institutions such as banks, good candidates for personal representatives are often found among financial professionals such as accountants and financial planners.

Under Florida law, personal representatives are entitled to a reasonable commission. The commission is presumed reasonable by a court if it is not more than 3 percent of the first million dollars of the estate, with that percentage gradually decreasing as the estate value increases.

In addition, a personal representative is entitled to compensation that a court determines reasonable for so called “extraordinary services,” such as selling property or conduction litigation. Personal representatives, however can agree to limit their compensation to amounts below what a court would otherwise award them, and you can seek such an agreement.

Visit our website for more information on this subject.

Frank Pohl founded Pohl & Short, P.A. based upon the belief that a high quality small commercial law firm was needed in the Orlando, Florida area as an alternative to the large commercial law firms. He still believes that client responsiveness and satisfaction has a place in a fast changing legal profession. Frank has been involved in the Central Florida community for more than twenty-five years. He has been a dedicated past board member of many local organizations over the years. Frank graduated magna cum laude with a B.G.S. Degree from the University of Miami in Coral Gables, Florida; attended the University College at the University of London as an undergraduate studying British literature and British history; obtained his Juris Doctorate Degree in 1979; and obtained a Masters of Law and Letters Degree (LL.M.) from New York University School of Law in 1980. Frank is a member of The Florida Bar, the California Bar, and the District of Columbia Court of Appeals. He is also admitted to the U.S. Supreme Court. He has served on the Orange County Bar Association Real Estate Committee and is a member of the The Florida Bar’s Real Property and Corporation and Business Law Section. He has also served on the Florida Bar Grievance Committee.