(b) Additionally, a personal representative may receive not more than five percent of the income earned by the probate estate in which he acts as fiduciary. No such additional commission is payable by an estate if the probate judge determines that a personal representative has acted unreasonably in the accomplishment of the assigned duties, or that unreasonable delay has been encountered.
Terms Used In This Law
- contract: A legal written agreement that becomes binding when signed.
- decedent: A deceased person.
- fiduciary: A trustee, executor, or administrator.
- personal property: All property that is not real property.
- probate: Proving a will
- real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) The provisions of this section do not apply in a case where there is a contract providing for the compensation to be paid for such services, or where the will otherwise directs, or where the personal representative qualified to act before June 28, 1984.
(d) A personal representative also may renounce his right to all or any part of the compensation. A written renunciation of fee may be filed with the court.
(e) If more than one personal representative is serving an estate, the court in its discretion shall apportion the compensation among the personal representatives, but the total compensation for all personal representatives of an estate must not exceed the maximum compensation allowable under subsections (a) and (b) for an estate with a sole personal representative.
(f) For purposes of this section, "probate estate" means the decedent‘s property passing under the decedent’s will plus the decedent’s property passing by intestacy. This subsection is intended to be declaratory of the law and governs the compensation of personal representatives currently serving and personal representatives serving at a later time.