Yes, the probate code allows personal representatives to take a reasonable fee for their services to the estate. Personal representatives are not required to receive compensation; some choose to waive this right.
If a personal representative does determine that they will take a fee, or if they are unsure whether they plan to, it is crucial that they carefully track the time they spend working on the estate.
There is no set rate at which a personal representative is paid— we’ve assisted numerous personal representatives in applying for their fees and rates by the court, covering a comprehensive spectrum of rates.
Determining the appropriate rate is more a matter of having the experience of what the court is likely to approve rather than a set rate schedule.
The personal representative should consider how challenging or complex the estate administration is (a more complex estate could justify a higher rate) and whether they have any background or expertise that they employed in their role as personal representative (for example, a profession in the financial field might enhance the quality of accounting done for the estate, so could justify a higher rate).
If you are having issues with your probate matter contact a Probate Lawyer Colorado Springs residents trust. The Colorado Springs Probate attorneys at Baker Law Group have years of experience helping their clients with their probate cases.