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The commission rate in New York is fixed. For each Executor (there can be two, if more, they share the same amount as two would get) it goes like this:
- 5% on the first $100,000 in the estate
- 4% on the next $200,000
- 3% on the next $700,000
- 2-1/2 % on the next $4,000,000
- 2% on any amount above $5,000,000
The will can state that the executor must waive the fee, but this means that no bank or attorney will serve. It is only recommended if the executor will inherit from the estate.
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∙ 14y ago
Wiki User
∙ 13y agoWho is responsible for parents death for credit cards medical bills etc.
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In NJ is the Executors fee based on the gross or net amount of the estate?
Gross.
Executors fee is based on a percent of what?
There is no fixed rule. Every company is different, it could be of the gross estate, it could be of the net estate, it could be of the property value. It could be anything, consult the executors
In the state of NJ if there are 5 executors do they split the executor fee or is each paid a separate fee?
In New Jersey, 1% of the estate is added to the usual percentages for one executor for each additional executor. They split the total commission equally unless there is an agreement among them to split it in some other proportion. In an estate of about $100,000, the usual commission is 5% for one executor. If there are two executors, the commission would be 6%, with each entitled to 3% unless they agree to a different split. This answer is for informational purposes only and not to be taken as legal advice.
What fee can an executor of an estate charge in NM?
what is a reasonable executor fee in new mexico
What is the Attorney estate fee in New Jersey?
An executor in New Jersey receives compensation in the form of commissions on the date of death value of the estate and on the income earned by estate assets after the date of death. The rates are: 5% on the first $200,000.; 3.5% on the next 800,000; 2% on the excess over $1,000,000. A court may adjust these percentages somewhat depending on what is defined as the "pains, trouble and risk" the executor is put to in order to handle the estate. In addition, executors get 6% of all income earned by the estate assets. Income includes all post-death dividends from stock, interest on bank accounts and rents from real property, if any. Executors can also get reimbursed for legitimate expenses, but may not charge by the hour for the work that is done.
What is Maximum Fee for Estate executors in Virginia?
(1) 5% of the first $400K, 4% of the next $3K, 2% over $1M. If the probate estate exceeds $10M, the executor must consult the Commissioner and secure approval before taking any fee on the excess amount. AND (2) 5% of income receipts (not including capital gains)
What is a reasonable executor fee?
A fee that represents a reasonable compensation for the amount of time and effort expended by the executor. In other words... there's no specific dollar amount; it depends on the details.
What are reasonable executor's fees?
In addition to all out-of-pocket expenses in managing and settling the estate, Personal Representatives (executors) generally earn a fee of about 2% of the probate estate for their work. (This varies moderately in jurisdictions and generally decreases as a percentage as the size of the estate increases). All fees and reimbursed expenses are subject to court approval.
What if there is 2 executors Do they split the fee or do they each get 5 percent of the money?
Depends on the agreement.
What is the estate executor fee in Arkansas?
what if the estate executor fee in arkansas
Can an estate executor pay themselves or others?
An executor of a will may be paid for work done on the estate if the will states they are to be paid. Most states will allow expenses to be paid within reason to the executor, but they must show proof.
If there are two executors of an estate what fee do they receive?
In my case, the probate lawyer recommended the executor's fee to the judge. It was a percentage of the estate. Two executors would have received half of that amount in this particular jurisdiction. In other areas different criteria apply. No one should write a will with two executors. It is so much easier for one person to fill out forms and get stuff done. One person can write a check and divide a bank account between two people. One person can sell a piece of property and sign the deed. One person can split a stock account between two people. One signature is a whole lot easier to get than two signatures, especially when the other person is on an all around the world vacation and did not tell her brother where she was going.
