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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55699
Experience:  29 years of experience practicing law, including tax and estate planning.
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How much money does the executor get for their duties. can

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How much money does the executor get for their duties. can I pick two executors? Can they "bill" the estate for airfare when they live out of state or would I put that detail in my will?
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. Under New Jersey law, the executor is entitled to the following compensation to act as executor: On the principal of the probate assets...5 percent of the first $200,000 of probate assets, 3.5 percent on the next $800,000 of probate assets and 2 percent on all probate assets having a value in excess of $1 million. In addition, the executor is entitled to a 6 percent commission on the income earned by the probate assets during the course of the estate’s administration. In addition, the expenses of the executor...including airfare incurred in the executor's administration of the estate..would be reimburseable from estate assets. The executor is not required to charge the estate for the full amount of the foregoing fees and you can establish an alternative fee structure in your will for the executor and then it will be up to the executor whether or not to serve.

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