Legal Question in Wills and Trusts in New Jersey

Re: executor fee??

Yes, there is a fee that the executor is entitled to charge.

Yes, an executor can decide to NOT take the job.

You would be very smart to consult an attorney. Depending on what is in the Estate, you may be very smart to hire a lawyer to help you administer the Estate.

Re: executor fee??

Yes, the executor is entitled to a commission which is calculated based on the probate assets that the executor is responsible for. I can provide you with a commission schedule if you would like me to.

Resigning is not so easy. Generally, you will need court approval to do so, and depending on the circumstances, you may need to file an estate accounting with the court before the judge will allow you to resign.

Re: executor fee??

Jon is right, but here is some clarification. Executors are entitled to fees by statute, but only on probate assets (those that pass pursuant to the Will, not by asset registration - such as assets in joint name or those that pass by beneficiary designation - like life insurance). The fee schedule is available on line at any NJ Surrogate's web site. Resignation is more difficult to answer, as it depends upon whether or not the Will specifies a successor Executor. If the Will does specify a successor Executor the originally named Executor can renounce (give up the right to be appointed) and the successor is automatically entitled to be appointed, or resign and the successor must qualify. Forms for either situation are available from the Surrogate. If no successor is named in the Will, a Court proceeding is required for someone else to be appointed. Contact me directly if you need more information.