Understanding Compensation for Personal Representatives in Vermont
Under Vermont law, a personal representative (PR) may be entitled to compensation for services rendered in administering an estate. If the decedent’s will specifies a fee, that amount controls. Otherwise, the Vermont probate court may approve reasonable compensation, often structured as a commission on estate assets and sale proceeds.
Statutory Basis for Compensation
Vermont Statutes Title 14, Chapter 201, Section 2024 grants the court authority to approve compensation for personal representatives. You can view the statute here: 14 V.S.A. § 2024.
Commissions on Estate Assets
The court may allow a commission based on the total value of assets collected and disbursed. Commonly, courts approve a percentage of the gross estate value, reflecting the time, skill, and responsibility involved. There is no fixed statutory rate; the judge considers factors such as the estate’s complexity and asset types.
Commissions on Sale Proceeds
If the PR sells real or personal property, the court may award an additional commission on sale proceeds. The percentage varies based on the effort required to market and sell assets. Commissions can cover tasks like coordinating appraisals, organizing showings, and negotiating sales.
Court Approval and Process
- The PR files an inventory of estate assets with the probate court.
- The PR petitions the court for final settlement, including a request for compensation.
- Beneficiaries receive notice and may object to the proposed fees.
- The court holds a hearing, reviews the PR’s accounting, and approves reasonable compensation.
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a qualified probate attorney in Vermont for guidance specific to your situation.
Helpful Hints
- Review the decedent’s will for any compensation clauses.
- Keep detailed records of tasks and time spent administering the estate.
- Discuss potential fees with beneficiaries early to avoid disputes.
- Consult local probate court rules for filing requirements and deadlines.
- Ask a probate attorney about tax implications of PR commissions.