Another frequent question I receive as it relates to Estates is, “what compensation are Administrators and Executors entitled to?” As with Trustees (See my blog from 2/15/2016) Georgia code includes provisions for compensation of Personal Representatives, also referred to as Administrators and Executors, in §53-6-60. Per the Code, Personal Representatives are entitled to compensation in accordance with either the Will or any separate written agreement between the Personal Representatives and either the Decedent, Beneficiaries of a testate estate, or heirs of an intestate estate.
In cases where compensation is not specified in the Will and no other written agreement exists, the Personal Representative is entitled to compensation as follows:
- 2.5 percent on all sums of money received, except money loaned by and repaid to the Personal Representatives, and 2.5 percent of all sums paid out by the Personal Representative, either for debts, legacies or distributive shares;
- 10 percent on the amount of interest made during administration:
- Reasonable compensation, as determined by the probate court, for delivery of property in kind, not exceeding 3 percent of the appraised value or 3 percent of fair market value where no appraisal exists; and
- Compensation, in the court’s discretion, for working land not to exceed 10 percent of the annual income of the property.
The Code also includes (i) a provision that Personal Representatives who fail to make annual returns as required shall forfeit the compensation for the year in which no return is filed; and (ii) a provision that Personal Representatives may renounce the right to all or any part of the compensation.
We work with individuals and families to Probate Estates. For more detailed information and to discuss your specific case, call us today at (678)781-9230 or email us at sgrissom@grissomlawfirm.com to schedule an appointment.
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