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Category: Estate Law
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Experience:  Texas lawyer for 29 years in Estate law
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rangeofacceptableexecutorfeesinNJ. Died intestate

Resolved Question:

rangeofacceptableexecutorfeesinNJ. Died intestate
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.

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.htm

Fees appear toward bottom of site above.

I hope that you will be so kind as to leave a positive rating. If you do have any additional questions about my answer please click the "Continue Conversation Link" so I can provide you with a fully satisfactory answer. Please be aware that any rating of 1 or 2 is reflected as a negative rating and I receive no credit for my answers.

This communication does not establish an attorney client relationship here.Information providedis not legal advice. Rather it is simply general information.

 

 

RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 29498
Experience: Texas lawyer for 29 years in Estate law
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