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How much can a Trustee/Personal Representative charge for their

Customer Question
administrative fee in the state...
How much can a Trustee/Personal Representative charge for their administrative fee in the state of south carolina?
Submitted: 6 years ago.Category: Estate Law
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8/30/2011
Estate Lawyer: Richard, Attorney replied 6 years ago
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 56,005
Experience: 29 years of experience practicing law, including tax and estate planning.
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Good afternoon. Here is the applicable SC statute:

 

SECTION 62-3-719. Compensation of personal representative.

(a) Unless otherwise approved by the court for extraordinary services, a personal representative shall receive for his care in the execution of his duties a sum from the probate estate funds not to exceed five percent of the appraised value of the personal property of the probate estate plus the sales proceeds of real property of the probate estate received on sales directed or authorized by will or by proper court order, except upon sales to the personal representative as purchaser. The minimum commission payable is fifty dollars, regardless of the value of the personal property of the estate.

(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.

(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.

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have different intricacies in their laws and any information given is simply general information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

 

Ask Your Own Estate Law Question
Customer reply replied 6 years ago
Are the fees determined by the state where the will was created and the property existed, or the state where the trustee resides (Florida)?
Estate Lawyer: Richard, Attorney replied 6 years ago
The state in which the decedent resided at death.
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 56,005
Experience: 29 years of experience practicing law, including tax and estate planning.
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