By: Sarah Stewart Legal Group
When someone has to probate a loved one’s estate, it can be a very difficult and emotional time. The family is not only dealing with trauma and grief, but the legal process and asset management as well. It is a very daunting task. Many times, those in charge of the probate wonder if the tremendous amount of time they put into their work can be compensated.
The answer is yes. However, the amount a personal representative can receive for the work he or she does for the probate estate, without direct instruction from a Last Will and Testament, is limited by Oklahoma law.
Personal Representative Fees and Compensation
Personal Representatives are entitled to receive reimbursements and attorney fees. In addition, they can receive fees from the estate. The calculation is a bit complicated and is as follows:
5 % of the first $1,000 + 4% of the next $5,000 + 2 1/2% for the rest of the estate value
If there is more than one Personal Representative of the estate, the fee will be split among them.
A Personal Representative is not required to take a fee from the estate. He or she can choose to waive the fee if he or she so desires. Many Personal Representatives who inherit from the estate choose not to take a fee. However, if you are a Personal Representative, you are within your rights to do so, regardless of whether you inherit or not.
Being appointed as a Personal Representative can be stressful and time consuming, especially when there are many assets and/or large assets in the estate you are probating. If you are taking on the task of becoming a Personal Representative and managing estate assets and debts, you will want to consider taking a fee for the services you have provided the other heirs. It won’t make the situation any easier for you and your family to deal with, but it can compensate you for lost time and effort in your case.