How is the compensation of the personal representative determined?
Transcript:
Hi, I'm Jordan Flake with Clear Counsel Law Group and I practice a lot in probate. One of the questions we get is, what kind of compensation can a personal representative expect to receive for acting in that capacity? Basically, the question here is, when someone passes away the court often has to appoint a personal representative to deal with that individual's assets. Of course that can be a difficult job sometimes. It can require ... It could be as easy as maybe liquidating a few bank accounts, but it could also be as difficult as cleaning out a house or notifying a bunch of creditors. There can be a lot that goes into that. The question is, what does that person get paid for all of their work?
In Nevada there's two ways that a personal representative gets paid. There's something called ordinary kind of statutory type fees. These are determined as a percentage of the overall estate. You could expect on maybe a $100,000, $200,000 estate to get paid $2,000 or $3,000 for your work as a personal representative. However, if you think you've done more than that, and you've had to do what's called extraordinary work such as cleaning out various storage sheds or a house. That would be covered under extraordinary work and the court basically just looks at what's fair and reasonable under those circumstances.
In any event, if you're listed as the personal representative on a trust or on a will, then feel free to give Clear Counsel Law Group a call so that we can help you with those responsibilities. Definitely if you've gone above and beyond just the statutory bare minimum for the kind of work you put in, then absolutely we're going to make sure that you're compensated fairly. If you're listed as the personal representative under a trust or a will, feel free to give us a call and we can help you out with this.
