5 beneficiaries with a will stipulating equal (20% each) entitlements of Estate. 2 of the beneficiaries share the Executorship of said will, as stated in the Will of the now deceased.
Executor Commissions in a Probate Case NJ
3B :18-14 Corpus commissions. Commissions on all corpus received by the fiduciary may be taken as follows:
5% on the first $200,000 of all corpus received by the fiduciary;
3.5% on the excess over $200,000 up to $1,000,000;
2% on the excess over $1,000,000; and
1% of all corpus for each additional fiduciary provided that no one fiduciary shall be entitled to any greater commission than that which would be allowed if there were but one fiduciary involved.
Such commissions may be reduced by the court having jurisdiction over the estate only upon application by a beneficiary adversely affected upon an affirmative showing that the services rendered were materially deficient or that the actual pains, trouble and risk of the fiduciary in settling the estate were substantially less than generally required for estates of comparable size.
There are three kinds of commission: Corpus commission (Title 3b: 18-25), income commission (Title 3b: 18-24), and termination commission (Title 3b: 18-28).
These areas are extremely complex, and you should not attempt to reach a decision on whether or not to take action (and, if so what action to take) without the assistance of counsel.
This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. Consult and hire a NJ Certified attorney asap.
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