When administering an estate in Connecticut, a personal representative may request compensation from the probate court. This section explains how Connecticut law governs fiduciary commissions for estate assets and sale proceeds.
Detailed Answer
Under Connecticut General Statutes § 45a-244, the probate court may award a personal representative reasonable compensation for services rendered during estate administration. To seek a commission, the personal representative must:
- File an inventory of estate assets with their fair market values.
- Submit an accounting that includes a petition for compensation and reimbursement of expenses.
- Demonstrate to the court the time spent, the complexity of tasks, and any extraordinary services provided.
The court evaluates several factors in setting compensation, including:
- Size and complexity of the estate.
- Time and labor required.
- The personal representative’s skill and experience.
- Results obtained for beneficiaries.
If the estate includes the sale of real or personal property, the probate court may grant compensation based on the net sale proceeds. Courts often consider customary commission rates in Connecticut, typically ranging from 2% to 5% of the sale price, but they set the final amount in their discretion. See the governing statute: CT Gen. Stat. § 45a-244.
Alongside commissions, the personal representative may recover necessary and proper expenses, such as appraisal fees, advertising costs, and attorney fees. To avoid disputes, obtain court approval before incurring significant expenses or negotiating commission rates.
Helpful Hints
- Keep detailed time logs and expense records.
- Seek court approval for extraordinary services early.
- Distinguish between personal representative compensation and real estate broker commissions.
- Provide clear documentation of the estate’s value at distribution and at sale.
- Obtain assistance from a Connecticut probate attorney if the estate involves complex assets.
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a qualified attorney in Connecticut for guidance tailored to your situation.