Legal Question in Wills and Trusts in New Jersey

Re: Executor

In NJ, by statute the commission for one executor is: 5% on the first $200,000 of estate value, 3.5% on the next $800,000 (i.e. up to $1MM), and 2% on the excess over $1,000,000.

There is also a 6% commission on income earned by the estate.

Re: Executor

5% on the first $200,000; 3.5% on the next $800,000 and 2% over $1MM. However, the commission is only on probate assets; i.e., those that pass under the Will, not those that may pass by operation of law, such as joinly owned assets, POD assets, insurance naming a specific beneficiary, etc. In addition, you are allowed an income commission of 6% on income generated to the estate during your administration.