Legal Question in Wills and Trusts in New Jersey
Regarding the customary fee paid to the administrator of an estate with no will..............what percent of the estate value is a standard fee paid to the administrator? Also, is the percent received calculated on the total value of the estate or on their portion of the inheritance?
Asked on 8/11/09, 10:16 pm
2 Answers from Attorneys
Richard Vallario
Richard W. Vallario Law Office
Commissions are based on gross estate and start at 5% for the first 250,000 and are reduced on a sliding scale for amounts above that.
Answered on 8/17/09, 12:36 pm
Walter LeVine
Walter D. LeVine, Esq.
I agree with Rich. However, I add that commissions are only paid on probate assets; i.e., assets that are subject to the administration. They do not include assets passing by operation of law (e.g., joint assets with a surviving co-owner) or those having a designated beneficiary (e.g., retirement plans and life insurance).
Answered on 8/18/09, 5:09 pm
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