Estate Law Questions? Ask an Estate Lawyer.
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Can you provide me a bit more information? In what state is the estate being probated? Thanks.
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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:
However, the testator may decide on a different fee for the executor and specify it in the will.
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