Legal Question in Wills and Trusts in New Jersey
I am the executor of my mother's will. It is not a big estate by any means and I wasn't going to take a fee, since it is only myself and my 2 siblings that are named in the will. However, my brother is giving me a very hard time so I'm now having second thoughts about that. What do I have to do to get that fee? I can't imagine that I just write myself a check! I live in NJ and looked up the % which is 5% of the first $200,000 and 3.5% after that. What is that % based on? We sold her home and there was a small amount of cash. is the % based on all of that before any bills, debts etc? I would appreciate any help!
1 Answer from Attorneys
Getting the fee is as simple as writing yourself a check. But by no means is that the resolution of the Estate. As a matter of fact, the reason you are being paid a fee is because it is assumed that you are doing everything to tie up all of the loose ends of the Estate in a proper fashion. And if you do not, it is likely that one or both of your siblings will question everything you have done, thereby creating more headaches for you. The bottom line is that you need to properly administer the estate and get it to its completion before you take any money whatsoever from the Estate. This would include having your siblings signing a document (typically a Release and Refunding Bond) and signing off on an accounting, before the full estate distribution is made. In your case, I would strongly suggest that you do all of this with the assistance of an attorney.
Keep in mind that this advice is based purely on the little bit of information that you have given to me. There certainly may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. You will only be able to rely on advice from an attorney who you have actually retained. Good luck! Rob Gleaner