Legal Question in Wills and Trusts in New Jersey

Re: executor's fee in NJ?

The fees are controlled by state law. The Executor can claim a 6% commission on estate income. An executor can claim a fee in the amount of 5% on the first $200,000.00 of estate assets, 3.5% from $200,000.00 - $1,000.000.00, and 2% on the excess over $1,000,000.00

Re: executor's fee in NJ?

Fees are based upon size of probate estate (those assets that pass under the Will, not assets passing by registration or beneficiary designation, like joint accounts with right of survivorship or insurance policies paid to a designated beneficiary). Once the gross probate estate is determined, the statutory rate for commissions is 5% on first $200,000, 3-1/2% from $200,000 to $1,000,000 and 2% on excess over $1,000,000. If there are 2 or more executors, an additional 1% can be charged. In addition, you are allowed a commission of 6% on all income each year. The fees are regulated by statute and can be found at any Surrogate's web site. If you need any clarification, contact me directly for information.