Detailed Answer: Commission on Estate Assets and Sale Proceeds
Under Virginia Code § 64.2-1101, an individual personal representative may receive statutory commissions on the gross value of estate assets, including proceeds from any sales. This statutory commission serves as compensation for all normal fiduciary duties, and you cannot collect separate sales commissions beyond these rates.
Virginia Code § 64.2-1101: https://law.lis.virginia.gov/vacode/title64.2/chapter11/section64.2-1101/
The statutory commission schedule for an individual personal representative is:
- 2.5% on the first $100,000 of gross estate value
- 2% on the next $100,000 of gross estate value
- 1.5% on assets exceeding $200,000
To obtain court approval, file a petition for allowance of commissions with the circuit court handling the estate. Attach the inventory and gross valuations of estate assets, including sale proceeds. The court will review the figures and, if appropriate, enter an order authorizing payment of the statutory commission.
If you perform substantial additional services—such as contested accountings, complex tax filings, or litigation—you may seek extraordinary compensation under Virginia Code § 64.2-1102. The court evaluates these requests on a case-by-case basis.
Disclaimer: This article provides general information and does not constitute legal advice. Consult a qualified attorney to address your specific circumstances.
Helpful Hints
- Compile a complete inventory and attach supporting appraisals or sale records.
- File your petition for commissions early to avoid delays in estate distribution.
- Review Virginia Code § 64.2-1102 if you expect to request extraordinary compensation.
- Ensure all interested parties receive notice of your petition before the hearing.
- Consider consulting an estate attorney for tailored advice and petition preparation.