How a Personal Representative is Paid in Oregon

How a Personal Representative is Paid in Oregon

The Oregon Probate statutes state how a personal representative of an estate in Oregon will be paid for his or her services. This video walks you through these statutory provisions.

The personal representative can be paid in accordance with the default provisions in the Oregon statute, or if he or she wants to be paid differently, the personal representative must state this desire in the initial petition to start the probate. So, if you want to be paid in some way other than what is in the statutes, it is important to talk to your attorney about that right away.

Under Oregon statute, the personal representative gets a percentage of the value of the assets. This percentage decreases as the value of the assets increases. For the 1st $1000, the personal representative gets 7% or $70. For the next $9000, the personal representative gets 4% or $360. For the next $40,000, the personal representative gets 3%, which is $1200. For anything over $50,000, the personal representative gets 2%.

Under Oregon law, the personal representative also gets 1% of the value of most non-probate assets. Some examples of non-probate assets are:

401(k)s;

IRAs;

403(b)s

Payable on Death Bank Accounts; and

Payable on death investment Accounts.

NOTE: This 1% fee for non-probate assets does NOT apply to life insurance.

The personal representative is also entitled to an extraordinary fee for “extraordinary services.” An example of an extraordinary services would be something like evicting squatters from the property or cleaning up a really messy property. Extraordinary fees are often charged at an hourly rate, and the amount of the rate depends on a lot of factors.

If you have any questions, give us a call or visit us Two Spruce Law in Bend, OR and we’ll figure it out together.