As an estate representative, you are entitled to compensation for services, referred to as “commissions” which are paid out of the estate assets. You may request or waive the commissions in the Petition for Final Distribution. The amount of commission is based on the gross value of the probate estate as follows:
|4% of the first||$100,000|
|3% of the next||$100,000|
|2% of the next||$800,000|
|1% of the next||$9,000,000|
|½% of the next||$15,000,000|
|“reasonable amount” for everything above||$25,000,000|
If you are the sole beneficiary, it is probably unimportant whether you claim the commissions or not since you will receive all of the estate anyway. However, if there are several beneficiaries and you have done all the work, you may want to discuss whether you will claim or waive the commissions with the other beneficiaries. If commissions are paid to you, they are treated as taxable income and you must report them on your personal income tax return.