Legal Question in Wills and Trusts in New Jersey

In NJ, executor's fees are set by statute. The fee will depend on the value of the estate [it is a sliding percentage].

NJ Statutes provide that an Executor may charge the following fees:

a. 6% on all estate income;

b. 5% of the estate up to $200,000;

c. 3.5% on excess above $200,000 up to $1,000,000;

d. 2% on excess over $1,000,000 or such other percentage as the Superior Court may determine.

While the law allows this, the NJ Inheritance Tax Department may not recognize all of the statutory fees if taxes are involved and the estate is relatively simple. This might require a Court proceeding for a final allowance.