Legal Question in Wills and Trusts in New York
administrator of an estate
I am the administrator of my fathers estate. I just sold his home for 210,000. I am trying to find out what percentage I am entitled to before the monies are split between my siblings. Please help. I am a resident of New York.
1 Answer from Attorneys
Re: administrator of an estate
I presume that you are asking about your commissions. In New York, Administrator's commissions are set by statute. For informational purposes, the rates are as follows:
5% of the first 100,000
4% of the next 200,000
3% of the next 700,000
2.5% of the next 4,000,000
2% of amounts exceeding 5,000,000
For example, if the estate totals $1,000,000 the commission would be $34,000. This illustration is rather simplified so I suggest that you seek out the advice of an attorney before calculating your commissions.
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