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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 88818
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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how does NJ estate law apportion fees between co-executors (2).

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how does NJ estate law apportion fees between co-executors (2).
why does your website say "credit card invalid" when Bank of America says my visa card is valid, overpaid $15 and has been in good standing since 1987?
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Submitted: 1 year ago.
Category: Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking. I apologize about your credit card issue, the experts are independent of the site and have no idea what issue you were having with your credit card, but customer service was notified about that problem.

Unless the Will states something to the contrary, the statutory commissions are increased by 1% for each additional Co-Executor. The fees are generally split equally by the co-executors. The NJ Statutory single executor fees are as follows:

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.




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Customer: replied 1 year ago.

I intend to give you a top rating. For your information, the other executor is more skilled than I am, & therefore did more of the work. He thinks I should only get the add'l 1%. I was extremely close to the deceased. I did not know executors get paid. The heir specifically requested the other individual be the executor,too, & his wish was granted. But the heir has been so obnoxious, I decided to take whatever the law provides.


 


The phrase "generally split" makes me a bit wary & wondering what problems probably await me. Other than the specific bequests, the will spills the rest of the assets into a trust, which again names me as co-trustee. Does NJ law specify anything about trustee fees?


 


Thank you for your help.

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your response.

Yes, the term "generally split" equally means that in cases where the co-executors do the work together, they would get the same amount. However, the co-executors can agree to or the court can order a different division of the fees, absent a provision in the will to the contrary.

If the other executor objects to your fee or the heir objects to your fee, the court can review and adjust the amount of percentage each executor receives.

Unlike executors, there are no statutory trustee fees in NJ. If the trust does not provide for fees and a trustee wants a fee, they have to go to court to have the court set a fee based on the amount of work involved.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 88818
Experience: Experienced in Trust and Succession Law, including Louisiana Laws
Law Educator, Esq. and 4 other Estate Law Specialists are ready to help you

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