Legal Question in Wills and Trusts in New Jersey
Executor fees
My mother was the executor for her sister's will. The will stipulated that her two stepgrandchildren were to receive 15,000 apiece at the age of 25. My mother invested the money in a mutual fund account for each child. The boy turned twenty five and the company holding the account released the money to him without informing my mother. Can she collect the 6% executor fee on the interest the money in the account made over the years and if so how? Her social security number was on the account all the time. the account was labled (my mother's name)cust (the boy's name) her social security number was the tax id number on the account
1 Answer from Attorneys
Re: Executor fees
She was entitled not only to an income commission (6% of annuasl income) but also to a corpus commission. If she did not take her fees, she still has a valid claim. Since the assets were already distributed (I do not understand how, if she did not approve the distribution), she can submit a bill to the child. If the child does not pay it, she can sue. I would consider a possible claim against the mutual fund also, but not seeing how the account was registered and what the documents said, there is a possibility the fund acted properly.
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