Expenses incurred in administering the estate can include compensation paid to the personal representative, accountants, and attorneys. These expenses are typically paid from the assets of the estate, so it’s important to understand how these fees are calculated at the outset.
Statutory Minimums for Compensation
In Missouri, the personal representative and attorney representing the personal representative, are each entitled to a minimum fee set in accordance with state law. These fees are based on the value of the estate assets administered during a supervised or independent probate:
- 5% on the first $5,000
- 4% on the next $20,000
- 3% on the next $75,000
- 2 ¾% on the next $300,000
- 2 ½% on the next $600,000
- 2% on everything over $1,000,000
However, there are some exceptions to what assets are included in the above statutory minimum fee calculation. In order for equity in real estate to be included in the above calculation, the real estate must be sold pursuant to court order during the probate process.
Personal Representative(s) and Attorney(s) May Be Entitled to More Than the Minimum
It is important to understand that Missouri law is setting a floor, not a ceiling, on the amount of compensation that a personal representative and attorney may receive for assisting in the probate of an estate. The court may approve additional compensation if it believes that such compensation was “reasonable and adequate.” Furthermore, the law expressly states that these parties do not need to perform extraordinary services in order to be entitled to additional compensation.
Cost-Effective Probate Legal Representation
At MyProbateCase.com we understand your concerns about the cost of administering an estate through probate. We provide pricing transparency to ensure that you and your family understand the costs associated with our legal services. Schedule a consultation to learn more and get started today.