Executor Compensation and Fees (FL)
If the will does not specify how executor compensation should be calculated, FL estates must follow state compensation rules (see FL calculator below).
In Florida, the estate executor is known as the "personal representative".
Florida statute law determines executor compensation based on the gross value of the administered estate (as calculated before considering any debts or obligations) and any income it earns during the probate period:
- 3.0% on the first $1M
- 2.5% on the next $4M
- 2.0% on the next $5M
- 1.5% on anything more
So, for example, a Florida estate worth $500K would yield $15K in executor fees, and one worth $3M would generate $80K in executor fees.
Assets that pass directly to named beneficiaries, such as life insurance policies or 401Ks, are not included in these calculations.
Certain circumstances can affect this compensation. For example:
- If the will specifies executor compensation, the executor can choose to renounce that specification, and be compensated as per normal FL statute (with some exceptions).
- The executor is also allowed additional compensation for "extraordinary" services, such as the sale of real or personal property, running a business, performing legal services yourself, preparing tax returns yourself, handling tax audits, dealing with a protected homestead, and so on.
- Special compensation rules apply if there are multiple executors.
See Florida Statute 733.617 for more details.
FL Compensation Calculator
EstateExec provides the following executor compensation estimator for FL estates, but please keep in mind that circumstances may vary, and that there may be special situations addressed by local custom or law. By using this estimator, you acknowledge that EstateExec provides any results as informational input only, not as legal advice, and cannot be held responsible for any inaccuracies for, or misunderstandings about, any given estate.
You can use this calculator now, but if you use EstateExec to help you track the settlement process, it will automatically analyze your estate and suggest values for the Gross Value and Income fields below (you can create an estate for free).
See also Compensation for general remarks on executor compensation.