Legal Question in Wills and Trusts in New Jersey

Re: Executor of a will

In NJ, the executor is entitled to 5% commission on the first $200,000 of value, 3.5% on the next $800,000 and 2% on the excess over $1,000,000. In addition, executors are entitled to a 6% commission on income earned.

An additional 1% commission is payable on the total corpus for each additional executor.

The presumption is that co-executors would be entitled to equal commissions, but that is not necessarily the case if they have agreed otherwise or if a court determines that one deserves more than the other based upon services rendered by each.

Re: Executor of a will

By NJ Statutes an Executor can collect a commission equal to 2% of the first $200,000 of probate assets, 3-1/2% between $200,000 and $1,000,000 and 2% over $1,000,000. If there are more than 1 Executor, an additional 1% can be added. The usual allocation is to split the commissions equally, although many times if one Executor does more, the allocation need not be equal. If the attorney for the estate is also an Executor or Co-Executor, in theory he/she can collect both attorney's fees and Executor's commissions. "Probate assets" are those assets covered by and controlled by the Will and do not include assets that may be part of the taxable estate or total estate, such as joint bank or brokerage accounts, any accounts or assets that have a specific beneficiary designation, assets that might be included in a living trust, or assets that are registered ITF (all of which go by the beneficiary designation). Contact me directly if you need more information.