Question: Does an administrator for a Maryland estate get compensated from the assets of the estate (e.g., a percentage from the sale of a house)?
Answer: A Personal Representative in Maryland is entitled to a Personal Representative’s Commission. The commission must be approved by the Court or consented to by the heirs. The amount of the commission cannot be greater than 9 percent of the first $20,000 of the estate plus 3.6 percent of the remainder.
For example for a $750,000 estate, the maximum commission would be: 9 percent of $20,000 or $1,800 and 3.6 percent of $730,000 = $26,280 Total = $28,080
As always, if you have questions or would like to know more about estate plans and estate administration please contact Steven E. Shane at:
email@example.com | 301.575.0313.
Steve provides strategic counseling to clients in need of estate administration, charitable giving and business continuity planning while minimizing estate, gift, and generation-skipping transfer tax exposure. He offers legal guidance to clients on asset protection and the proper disposition of assets in accordance with the client’s objectives, while employing tax planning techniques such as the use of irrevocable trusts, life insurance planning, lifetime gifts and charitable trust. He is also experienced with drafting documents for business planning, the incorporation and application for exemption for Private Foundations and the administration of decedents’ estates.