What is the Executor fee in New Jersey?

Answer 1

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.

Answer 2

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.