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MCL 700.3719(1) declares “A personal representative is entitled to reasonable compensation for services performed.” This implies that the amount of work performed and the benefit conferred on the estate are important factors in calculating a fiduciary fee.
In attempting to determine what amount to take as a fiduciary fee, it is important to remember that they are subject to adjustment by the Court unless and until they are allowed. MCL 700.3921 provides in part:
If a court determines that a person received excessive compensation from an estate for services rendered, the court shall order the person to pay an appropriate refund and may include in the refund amount interest and penalties as the court considers just.Some states, including Florida, have enacted fiduciary (and attorney) fee compensation systems based on a percentage of the value of estate assets. Under Florida’s statute, additional fees are also permissible for extraordinary services. Since Michigan has no similar laws, whether a percentage fiduciary fee is permissible must be determined under the facts and circumstances of each case.
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Last Updated: 4-12-02
Send your comments, questions and suggestions to Phil Harter at 161
E Michigan Avenue, Battle Creek, Michigan 49014
or e mail to pharter@calhouncountymi.gov