If this is a NJ estate the executor's fees must be reasonable but there is a statute that lays out the executor's fee (remember this only applies to probate assets not non-probate transfers such as joint accounts or beneficiary designations to a named person):
Commission on principal: NJSA 3B:18-14 which says 5% of the first 200,000, 3.5% of the aount between 200,000 and 1,000,000 and 2% above that
Commission on income: NJSA 3B:18-13: 6% of income per year.
This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature. Visit Steve Zelinger's website: http://www.stevenzelinger.com/
Mr. Zelinger's answer is accurate. However, you should also be aware of the fact that the commissions can be reduced. Specifically, you should refer to In re Summerlyn.
This response does not constitute the establishment of an attorney-client relationship. It is also not to be taken as firm legal advice as such would be contingent on a full inquiry by the attorney into the complete background of the facts and circumstances surrounding this matter. The response is meant to be a helpful guide to a question in a manner which reflects the limited information provided by the inquirer.
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