How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Attorney
Category: Estate Law
Satisfied Customers: 55478
Experience:  29 years of experience practicing law, including tax and estate planning.
Type Your Estate Law Question Here...
Richard is online now
A new question is answered every 9 seconds

For the purposes of calculating executor fee in NJ, how do

Resolved Question:

For the purposes of calculating executor fee in NJ, how do we calculate the value of the estate? Is it determined by using the Federal form 706 which the State utilizes for determining whether an estate is taxable (or not)
Submitted: 6 years ago.
Category: Estate Law
Expert:  Richard replied 6 years ago.

Good afternoon. The executor fee should not necessarily be based on the fair market value used for the Form 706...but that's a decent start. What should be deducted from that amount are any assets which are included in the estate over which the executor has no control and has no duties. For example, many assets, such as insurance policies, retirement assets and annuities, are included in the estate, but have designated beneficiaries..causing those assets to go directly through the designated beneficiaries and not through the estate to be subject to probate. So, the values used for the Form 706 are appropriate, but only those assets that go through probate should really be included.



I hope this has given you information that has been helpful to you. I wish you the best of luck!


If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping others or taking a break.


If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.


If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.


Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have different intricacies in their laws and any information given is simply general information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.


Customer: replied 6 years ago.
ok, so the house that was owned is basically the only thing that would qualify because everything that was with the deceased's financial advisor had designated beneficiaries. The house had an assessed value of $228,700 but sold recently for only $115,000 due to condition issues. Do I calculate the fee on the assessed value or the value it sold for?
Expert:  Richard replied 6 years ago.

The true value is what it was sold for; but remember, if the percentage is too small, the executor may be entitled to a minimum flat fee or hourly fee based on the amount of time spent.

Richard and 5 other Estate Law Specialists are ready to help you

Related Estate Law Questions