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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.
The basic percentages for corpus commissions are pretty much automatic in the sense that an executor does not have to prove that those commissions are equal to the "pains, trouble and risk" the executor has had to endure to finish the estate. They can be taken in that amount without court approval. Income commissions are also automatic. Although the fixed percentages are automatic, a court can always order them forfeit for wrongdoing or as compensation for losses caused by the executor.
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What fee can an executor of an estate charge in NM?
what is a reasonable executor fee in new mexico
Is executor's fee in New Jersey before the settlement of claims against the estate or after?
It is a debt against the estate. It cannot be resolved once the estate is closed. The executor must have the courts permission to collect their bill.
Is the executor entitled to a commission on the house in New Jersey if it is clearly left to a specific person in the will?
is the executor in new jersey entitled to a commission on a house if it was left to a specific person in the will
What is the Maine executor fee?
There is no set Maine executor fee. It is up to the executor and the court to decide a reasonable amount for a fee.
Is there a fee for a executor of a will?
The executor's fee is generally set by state law.
What is the estate executor fee in Arkansas?
what if the estate executor fee in arkansas
If the executor is a relative are they entitled to the executor fee?
The executor is entitled to a fee for their services. Their relationship is not a deciding factor. In many states the fee is set by law.
What is the fee an executor of an estate receives in Colorado?
how do you figure estate executor fee in colorado
What is executor fee of will in Louisiana?
It can be up to 10% of the entire worth of the estate.
Must an executor charge a fee?
No. They can choose to not charge a fee but that is up to the executor.No. They can choose to not charge a fee but that is up to the executor.No. They can choose to not charge a fee but that is up to the executor.No. They can choose to not charge a fee but that is up to the executor.
What is the fee an executor is entitled to in Colorado?
What are executor fees in the state of Colorado?
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.
