How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Daniel Solutions Your Own Question

Daniel Solutions
Daniel Solutions, Attorney
Category: Estate Law
Satisfied Customers: 9934
Experience:  Practicing Attorney for over 20 years and College Professor for over 10 years
5180018
Type Your Estate Law Question Here...
Daniel Solutions is online now
A new question is answered every 9 seconds

what are the executor and trustee fees in ny...whats the breakdown

Customer Question

what are the executor and trustee fees in ny...whats the breakdown in % and if your both can you collect as both appointed persons?
Submitted: 3 years ago.
Category: Estate Law
Expert:  Daniel Solutions replied 3 years ago.

Hello,
Thank you for allowing us to assist you with this problem. I am not fully aware of what prior steps you have taken.

 

The commission rate in New York for each Executor is 5% on the first $100,000 in the estate, 4% on the next $200,000, 3% on the next $700,000, 2-1/2 % on the next $4,000,000 and 2% on any amount above $5,000,000. Banks and Trust Companies may charge more for their services as Executors and Trustees, and particularly as money managers. (§ 2307. Commissions of fiduciaries other than trustees)

 

 

§ 2309. Commissions of trustees under wills of persons dying, or
lifetime trusts established, after August 31, 1956
1. On the settlement of the account of any trustee under the will of a
person dying after August 31, 1956, or under a lifetime inter trust
established after August 31, 1956, the court must allow to him his
reasonable and necessary expenses actually paid by him and if he be an
attorney of this state and shall have rendered legal services in
connection with his official duties, such compensation for his legal
services as shall appear to the court to be just and reasonable and in
addition thereto it must allow to the trustee for his services as
trustee a commission from principal for paying out all sums of money
constituting principal at the rate of 1 per cent.
2. In addition to the commission allowed by subdivision 1 hereof a
trustee shall be entitled to annual commissions at the following rates:
(a) $10.50 per $1,000 or major fraction thereof on the first $400,000
of principal.
(b) $4.50 per $1,000 or major fraction thereof on the next $600,000 of
principal.
(c) $3.00 per $1,000 or major fraction thereof on all additional
principal.

 

The issue of whether the same person can collect both is very complicated and depend on many factors. I will post the relevant section of that law so you can read it and determine based upon each specific situation.

 

6. (a) Subject to 2313 regarding multiple commissions of executors or
trustees under wills of persons dying, or lifetime trusts established,
after August 31, 1993, if the gross value of the principal of the trust
accounted for amounts to $400,000 or more and there is more than 1
trustee each trustee is entitled to the full compensation for paying out
principal allowed herein to a sole trustee unless there are more than 3,
in which case the compensation to which 3 would be entitled must be
apportioned among the trustees according to the services rendered by
them respectively unless the trustees shall have agreed in writing among
themselves to a different apportionment which, however, shall not
provide for more than one full commission for any one of them. If the
gross value of the principal of the trust accounted for is:
(i) less than $100,000 and there is more than 1 trustee the full
compensation for paying out principal allowed herein to a sole trustee

must be apportioned among them according to the services rendered by
them respectively, or
(ii) $100,000 or more but less than $400,000, each trustee is entitled
to the full compensation for paying out principal allowed herein to a
sole trustee unless there are more than 2 trustees in which case the
full compensation for paying out principal allowed herein to 2 trustees
must be apportioned among them according to the services rendered by
them respectively,
unless the trustees shall have agreed in writing between or among
themselves to a different apportionment which, however, shall not
provide for more than one full commission for any one of them.
(b) Subject to 2313 regarding multiple commissions of executors or
trustees under wills of persons dying, or lifetime trusts established,
after August 31, 1993, if the value of the principal of the trust for
the purpose of computing the annual commissions allowed by subdivision 2
amounts to $400,000 or more and there is more than one trustee each
trustee is entitled to the full annual commission allowed herein to a
sole trustee unless there are more than 3, in which case the annual
commissions to which 3 would be entitled must be apportioned among the
trustees according to the services rendered by them respectively unless
the trustees shall have agreed in writing among themselves to a dif-
ferent apportionment which, however, shall not provide for more than one
full annual commission for any one of them. If the value of the
principal for the purpose of computing the annual commission allowed by
subdivision 2 amounts to:
(i) less than $100,000 and there is more than 1 trustee the annual
commission allowed herein to a sole trustee must be apportioned among
the trustees according to the services rendered by them respectively, or
(ii) $100,000 or more but less than $400,000, each trustee is entitled
to the full annual commission allowed herein to a sole trustee unless
there are more than 2 trustees in which case the full annual commissions
allowed herein to 2 trustees must be apportioned among them according to
the services rendered by them respectively,
unless the trustees shall have agreed in writing between or among
themselves to a different apportionment which, however, shall not
provide for more than one full annual commission for any one of them.
However, if from a trust having a value of $400,000 or more, or if from
a trust having a value of $100,000, or more but less than $400,000, as
the case may be, at the beginning of a trust year any payments in
partial distribution of the trust shall be made during the trust year so
as to reduce the trust to a value of less than $400,000 or $100,000, as
the case may be, at the end of the trust year, then the annual
commissions allowed herein shall, on a proportionate basis, be those
allowed to trustees of a trust having a value of $400,000 or more, or of
a trust having a value of $100,000 or more but less than $400,000, as
the case may be, for the period from the beginning of the trust year to
the date of the distribution and shall, on a proportionate basis, be
those allowed to trustees of a trust having a value of either $100,000
or more but less than $400,000 or less than $100,000, as the case may
be, for the remainder of the trust year and the part of such commissions
payable from principal and computed from the beginning of the trust year
to the date of distribution shall be charged ratably to the property
remaining in the trust and to the property distributed from the trust on
the basis of their respective values. Further, if during a trust year
additional property shall be received into a trust which had a value of
less than $100,000, or into a trust which had a value of $100,000 or
more but less than $400,000, as the case may be, at the beginning of the
trust year, so that because of the additional property the trust has a

value of $100,000 or more but less than $400,000, or of $400,000 or
more, as the case may be, at the end of the trust year, then the annual
commissions allowed herein shall, on a proportionate basis, be those
allowed to trustees of a trust having a value of less than $100,000, or
to trustees of a trust having a value of $100,000 or more but less than
$400,000, as the case may be, for the period from the beginning of the
trust year to the date of the receipt of the additional property and
shall, on a proportionate basis, be those allowed to trustees of a trust
having a value of $100,000 or more but less than $400,000, or of a trust
having $400,000 or more, as the case may be, for the remainder of the
trust year.
(c) Notwithstanding any provision of paragraphs (a) and (b) of this
subdivision to the contrary, if during the continuance of a trust not
measured at any time directly or indirectly by a life or lives or during
the continuance of a trust after the termination of the measuring life
or lives, the annual income of the trust amounts to $4,000 or more and
there is more than 1 trustee, each trustee is entitled to the full
commissions allowed under subdivision 5 to a sole trustee unless there
are more than 2, in which case the commissions to which 2 trustees would
be entitled must be apportioned among the trustees according to the
services rendered by them respectively unless they shall have agreed in
writing among themselves to a different apportionment which, however,
shall not provide for more than one full commission to any one of them.
If the annual income of the trust amounts to less than $4,000 and there
is more than 1 trustee the commissions to which a sole trustee would be
entitled under subdivision 5 must be apportioned among the trustees
according to the services rendered by them respectively unless they
shall have agreed in writing among themselves to a different
apportionment.
7. Where a trustee is for any reason entitled or required to collect
the rents of and manage real property the net amount of rents collected
and not the gross amount shall be used in making computation of
commissions allowed by subdivision 5 and in addition to the commissions
herein provided he shall be allowed and may retain for such services 6
per cent of the gross rents collected, but there shall be only one such
additional commission regardless of the number of trustees. If there are
2 or more trustees the additional commission herein provided for must be
apportioned among them according to the services rendered by them
respectively unless they shall have agreed in writing among themselves
to a different apportionment.
8. If a trustee is either authorized or required by the terms of the
will to accumulate income for any purpose permitted by law he shall be
entitled to commissions from the income so accumulated, including income
derived from the investment of such accumulated income, at the rate of 2
per cent of the first $2,500 of such income distributed during the
administration of the trust and 1 per cent of all such income
distributed in excess of $2,500 and he may retain such commissions at
the time or times such income is distributed.
9. The value of any property to be determined in such manner as
directed by the court and the increment thereof received, distributed or
delivered, shall be considered as money in making computation of
commissions. Whenever any portion of the dividends, interests or rents
payable to a trustee is required by any law of the United States or
other governmental unit to be withheld by the person paying it for
income tax purposes, the amount so withheld shall be deemed to have been
collected.
10. Where the will provides a specific compensation for a trustee he
is not entitled to any other allowances for his services.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns. Loretta T Illinois
< Last | Next >
  • My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns. Loretta T Illinois
  • Thanks Adam!! - A very direct and understandable response - you have been a great help! Happy Customer Ellicott City, MD
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
 
 
 

Meet The Experts:

 
 
 
  • Thomas McJD

    Attorney

    Satisfied Customers:

    3076
    Wills, Trusts, Probate & other Estate Matters
< Last | Next >
  • http://ww2.justanswer.com/uploads/MC/mclemorelawyer/2011-9-21_193631_IMGP8718Version2.64x64.jpg Thomas McJD's Avatar

    Thomas McJD

    Attorney

    Satisfied Customers:

    3076
    Wills, Trusts, Probate & other Estate Matters
  • http://ww2.justanswer.com/uploads/NY/nyclawyer/2012-6-7_22011_photo66139201112041.64x64.jpg Infolawyer's Avatar

    Infolawyer

    Attorney

    Satisfied Customers:

    3781
    Licensed attorney helping individuals and businesses.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Attorney

    Satisfied Customers:

    2188
    13 yrs estate law, real estate. Wills/Trusts/Probate
  • http://ww2.justanswer.com/uploads/RA/rayanswers/2012-6-7_23346_Untitled1.64x64.jpg RayAnswers's Avatar

    RayAnswers

    Attorney

    Satisfied Customers:

    1484
    Texas lawyer for 29 years in Estate law
  • http://ww2.justanswer.com/uploads/RO/RobertJDFL/2012-6-6_175352_7538220120606.64x64.jpg RobertJDFL's Avatar

    RobertJDFL

    Attorney

    Satisfied Customers:

    1226
    Experienced in multiple areas of the law.
  • http://ww2.justanswer.com/uploads/PH/philip.simmons/2012-6-7_161915_BIGPhilipSimmons.64x64.jpg P. Simmons's Avatar

    P. Simmons

    Attorney

    Satisfied Customers:

    770
    12+ yrs. of experience including estate law.
  • http://ww2.justanswer.com/uploads/RA/ratioscripta/2012-6-13_2955_foto3.64x64.jpg Ely's Avatar

    Ely

    Counselor at Law

    Satisfied Customers:

    754
    Fully licensed attorney in Texas in private practice.
 
 
 
Chat Now With An Estate Lawyer
Daniel Solutions
Daniel Solutions
888 Satisfied Customers
Practicing Attorney for over 20 years and College Professor for over 10 years