What A Personal Representative Is Entitled To In South Carolina
A Personal Representative in South Carolina, formerly known as an executor, is a person that is in charge of handling the affairs of someone’s estate when they die. The personal representative settles all the debts and expenses of the estate, and makes a plan to distribute the assets of the estate according to the will of the deceased or if there is no will, according to the South Carolina Intestate Succession Laws. The personal representative is liable for the acts they commit in the duty of their position unless waived by the will. The personal representative may also be required to post bond with the court to cover any losses to the estate, unless waived by the will.
The personal representative is also entitled to be compensated for their service. Unless otherwise specified in the will, a personal representative is entitled to be paid five percent of the assets that pass under the will. The personal representative is not entitled to be paid a percentage of assets that do not pass under the will such as life insurance proceeds paid to a beneficiary. Most family members that are named as personal representative do not choose to ask for a fee for their services because they would only be taking away money from themselves or other family members. Banks or attorneys will charge the statutory fee of five percent to act as a personal representative, but they may be willing to charge a smaller flat fee if negotiated.