What are the monetary benefits of being named Personal Representative and what legal and property decision-making powers come with this title?
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What are the monetary benefits of being named Personal Representative and what legal and property decision-making powers come with this title?
A family member has filed to be named Personal Representative for my late aunt’s estate.
Asked on July 18, 2015 under Estate Planning, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
The monetary benefits could be substantial. A fiduciary (which s what a PR is called as well) receives a statutory fee. If the estate is between $100,000 and $1,000,000 then the fee is 2% of the probate estate value plus $3000. The PR also has the power to make decisions regarding the assets of the estate but not to the detriment of the beneficiaries. Good luck.
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