How much does an executor get paid in Florida?
If the testator has not specified the estate executor's fee in their will, the state of Florida has stipulations on the amount estate executors can receive.
In Florida, the executor fees are determined by the size of the estate, and the fee is paid out by the estate.
According to Florida statue 733.617 the executor fee rates are as follows:
- 3% for the $1,000,000 dollars
- 2.5% for the next $4,000,000 dollars
- 2% for the subsequent $5,000,000 dollars
- 1.5% on anything more than $5,000,000 dollars
For Example:
You're an executor of an estate worth $750,000.
0.03 x 750,000 = $22,500.
For fulfilling your fiduciary duties as an executor of an estate worth $750,000 you are entitled to a compensation of $22,500.
Another Example:
You're an executor of an estate worth $5,500,000
Estate Value: $5,500,000
First 1,000,000: .03 x 1,000,000 = $30,000
Estate Value: $4,500,000
2.5% on the next $4,000,000: 0.025 = $100,000
Estate Value: $500,000
2% on the Subsequent $5,000,000: $10,000
For administering an estate worth $5,500,000 in Florida, you are entitled to receive an executors fee of $140,000.
However, a testator can establish any amount as compensation in their will. The estate executor can also decline compensation—this usually happens when the executor is also a beneficiary to the estate.