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Christopher B, Esq
Christopher B, Esq, Attorney
Category: Estate Law
Satisfied Customers: 2963
Experience:  Litigation Attorney with education focus on estate planning and tax
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I am the executor deceased daughters estate and she has 2

Customer Question

Hi I am the executor for my deceased daughters estate and she has 2 small children. We have recently collected all the
income that goes to estate.I would like to know when i can pay myself executor fee . I have calculated amount already.I need the funds to help pay for some expenses I have incurred from helping raising the children for the last 6 years thanks
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Good afternoon. My name is ***** ***** I look forward to helping you.

Can you provide me a bit more information? In what state is the estate being probated? Thanks.

Customer: replied 1 year ago.
new york state
Customer: replied 1 year ago.
hi i'm waiting for answer
Expert:  Richard replied 1 year ago.

Thanks for responding. I've just been asked to research various issues for another customer and want you to be able to receive a timely response rather than having to wait. Given this, I am going to opt out so another expert can timely provide you the information you seek. Please do not respond to this post as it will only slow the process of such an expert picking up your question. Take care.

Expert:  Christopher B, Esq replied 1 year ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

New York law provides for a priority sequence that is used when an estate’s assets are insufficient to pay all claims. Liabilities are divided into classes, and all claims in the first class must be paid before any in the second, all those in the second class must be paid before any in the third, and so on. A typical class system is as follows: (1) funeral expenses (2) costs of administering the estate and medical expenses incurred it the decedent’s final illness; (3) debts entitled to a preference under the law of the Untied States and the State of New York; (4) taxes and other debts specified by state law, and (5) all other legitimate debts. If the assets are insufficient to pay all claims in a particular class, each creditor in the class will receive a uniform percentage of his or her claim. So if there is sufficient funds in the estate, you can pay the executor fees to yourself when you are paying the rest of the claims which would be after you pay for the funeral expenses.

Just for your reference:

Under the Surrogate's Court's rules, executor fees are calculated as follows:

  • For receiving and paying out money not exceeding $100,000, the executor fee is 5%
  • For receiving and paying out additional money not exceeding $200,000 at the rate of 4%
  • For receiving and paying out additional money not exceeding $700,000 at the rate of 3%
  • For receiving and paying out additional money not exceeding $4,000,000 at the rate of 2.5%
  • For receiving and paying out all sums above $5,000,000 at the rate of 2%

However, the testator may decide on a different fee for the executor and specify it in the will.

Please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site. (There should be smiley faces or numbers from 1-5 next to my answer, an excellent or good rating would be fantastic.)

Expert:  Christopher B, Esq replied 1 year ago.

Are you there? Did you have any further questions?

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