What is the maximum percentage of compensation generally allowed for personal representatives based on passing of accounts?

In the context of personal representatives managing the estate of a deceased individual, the typical maximum percentage of compensation based on the passing of accounts is indeed around 5%. This percentage serves as a guideline for courts when determining what constitutes fair and reasonable remuneration for the work and responsibilities undertaken by the personal representative. The rationale behind this percentage reflects the understanding that while the role can be complex and demanding, it must also be balanced against the interests of the estate and its beneficiaries.

The 5% figure is not a strict rule but rather a common benchmark, which allows for adjustments based on the specifics of the case, the workload involved, and the complexity of the estate administration. Thus, personal representatives might receive compensation that aligns with this percentage, ensuring they are adequately rewarded for their efforts without unduly diminishing the estate's value for the beneficiaries.