Legal Question in Wills and Trusts in New Jersey

Re: executor fees

All of the estate assets should be valued as of date of death. Some assets may be 'non-probate' assets which are not included in calculating the executor's commission [i.e. joint accounts, POD or ITF accounts, IRA's, life insurance, trusts, etc.

The probate assets are valued and the commission is taken as follows: 5% on the first $200,000. 3.5% on the next $800,000. 2% on assets over $1,000,000. There is a 6% commission on estate income earned.

Please feel free to contact me if you need assistance with the commission calculation.