Thanks for your question and good afternoon.The Executor/Personal Representative 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.Otherwise the court would apply the percentages as stated in the NJ law above.
Here the income under (a) is calculated from any income received by the estate from say rentals, interest, etc.The (b), (c),(d) are calculated using the inventory values of assets in the estate.
It has been my pleasure to assist you today.If you have more follow up please just ask.Thanks again.Reference..http://www.njlaws.com/answers_to_probate.htmFees appear toward bottom of site above.
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