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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55715
Experience:  29 years of experience practicing law, including tax and estate planning.
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My mother passed away last April, 2016. She named my older

Customer Question

My mother passed away last April, 2016. She named my older sister as executor of her will. I am one of eight children in my mother's will. Can you let me know what the percentage of the executor's fee is in reading the will and executing the will. For example, if my mom's finances and estate is $4 million, what percentage does the executor receives in the State of New Jersey?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.
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Expert:  Richard replied 1 year ago.
There are specific statutes allowing safe-harbor compensation. Also, a court can allow additional compensation if it deems is reasonable. On income earned by the estate, the following statute provides: 3B:18-13. Income commissionsCommissions in the amount of 6% may be taken without court allowance on all income received by the fiduciary. On the principal amount of the estate, the following statute provides: 3B:18-14 Corpus commissions.3B:18-14. Corpus commissions. Commissions on all corpus received by the fiduciary may be taken as follows:5% on the first $200,000 of all corpus received by the fiduciary;3.5% on the excess over $200,000 up to $1,000,000;2% on the excess over $1,000,000; and1% of all corpus for each additional fiduciary provided that no one fiduciary shall be entitled to any greater commission than that which would be allowed if there were but one fiduciary involved.Such commissions may be reduced by the court having jurisdiction over the estate only upon application by a beneficiary adversely affected upon an affirmative showing that the services rendered were materially deficient or that the actual pains, trouble and risk of the fiduciary in settling the estate were substantially less than generally required for estates of comparable size. Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!