Legal Question in Wills and Trusts in New Jersey
Executor Fees Percentages
We are in the process of probating a will and would like to know the statute pertaining to Executor fees. My husband is entitled, but we are not sure what the percentage is. In addition, I have heard that there may be circumstances when a higher percentage may be requested. Can you provide information regarding that too? Thanks!
1 Answer from Attorneys
Re: Executor Fees Percentages
Generally, the commission is:
5.0% on the first $200,000 of porbate estate value; 3.5% on the next $800,000; and
2.0% on amounts over $1MM.
6.0% income commission is payable on the amount of estate income earned.
Additional commissions are payable where more than one executor is acting. It is also possible to earn additional commission if extraordinary services are performed (needs court approval, not easy to show entitled to extra).
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