Executor's fee rate in New Jersey

Asked over 6 years ago - Sanford, NC

What is the executor's fee rate in New Jersey?

Additional information

is the percentage deducted from the full amount of the estate income? example: a will indicates equal shares to only two beneficiaries. if the amount of money only in the estate is 50,000.00 and the executer exercises his right for services rendered at 5%, is the the 5% taken from the initial 50,000.00 before it is placed into equal shares giving the executer 2500.00?

Attorney answers (2)

  1. Samuel Joseph Mamola

    Contributor Level 9

    1

    Lawyer agrees

    27

    Answered . The Executor is entitled to a fee for services performed. Under New Jersey law, the Executor of an estate is generally entitled to the following commissions:

    a. 6% on all estate income;
    b. 5% of the estate up to $200,000;
    c. 3.5% on excess above $200,000 up to $1,000,000;
    d. 2% on excess over $1,000,000 or such other percentage as the Superior Court may determine. There are different rules for commissions when there is more than one Executor, or when the Executor has rendered unusual or extraordinary services. In some cases family members may choose not to accept (waive) fees. However, a decision to waive fees should be made only after the legal (who will get the money) and tax (what is the cost of the lost deduction) issues are considered.

  2. Samuel Joseph Mamola

    Contributor Level 9

    1

    Lawyer agrees

    15

    Answered . The Executor is entitled to a fee for services performed. Under New Jersey law, the Executor of an estate is generally entitled to the following commissions:

    a. 6% on all estate income;
    b. 5% of the estate up to $200,000;
    c. 3.5% on excess above $200,000 up to $1,000,000;
    d. 2% on excess over $1,000,000 or such other percentage as the Superior Court may determine. There are different rules for commissions when there is more than one Executor, or when the Executor has rendered unusual or extraordinary services. In some cases family members may choose not to accept (waive) fees. However, a decision to waive fees should be made only after the legal (who will get the money) and tax (what is the cost of the lost deduction) issues are considered.

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