The executor is a person who administers the estate of someone who has died. Typically, the person named in the will by the deceased becomes the executor. It is the executor's responsibility to make sure that the instructions in the will are followed. In Florida, the executor is allowed to receive compensation for his work and is paid a percentage of the estate's value.
According to 2014 Florida Statutes, "reasonable compensation" for an executor involved in formal administration of an estate is as follows: 3 percent for the first $1 million of an estate's value, 2.5 percent from $1 million to $5 million, 2 percent from $5 mission to $10 million, and 1.5 percent for anything above $10 million. In addition to the commission, an executor might also be compensated for services such as the sale of real or personal property or carrying on the decedent's business.
Video of the Day
If the estate has two executors, each of the representatives is to be paid the full amount. For example, if one executor gets $100,000, the second would get $100,000 as well. If there are more than two executors, the full amount -- $100,000 -- is paid to the representative with primary responsibility for administering the will. The same amount is split among the remaining executors based on the services each of them performed. If the compensation is less than $100,000, then it is divided among the executors based on the services performed.