Legal Question in Wills and Trusts in New York

Admin Fee

Coupla commission questions:

1. Is the fee based upon the total assets, or the assets less the debts? For instance, if a piece of real estate is valued at 500,000, and it has a 400,000 mortgage, then is the fee a percentage of 500,000 or the 100,000?

2. For a NY estate where there is a real estate property in another state, is the commission calculated based upon the estate's location or the location of the property?


Asked on 9/15/08, 12:19 am

2 Answers from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Admin Fee

Walter is correct although an easier way to explain is money executor transfers to beneficiary.

So in your example, since the executor is only tranferring 100G, commission is based on 100G.

Mike.

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Answered on 9/15/08, 2:51 pm
Walter LeVine Walter D. LeVine, Esq.

Re: Admin Fee

Commissions are set by the law of the State where the estate is based, regardless of where property is physically located. The commission is usually based upon net assets value (i.e., fair market value less liens, mortgages, etc.) of the "probate assets" only (those passing under the Will, not by operation of law such as joint assets or those having a designated beneficiary like life insurance or retirement plans). If you need more information, contact me directly.

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Answered on 9/15/08, 12:52 pm


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