Legal Question in Wills and Trusts in New York
executor fees
If there is an estate of between 900,000 and 1,000,000, what would be the executor's fee and how would it be determined?
Asked on 12/12/01, 6:01 pm
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: executor fees
The executor's commission is set by statute. A single executor's commission is 5% of the first $100,000; 4% of the next $200,000 and 3% of the next $700,000. On $1,000,000 the commission amounts to $29,000.
If there is more than one executor, then each (maxed at three) can receive a commission.
Answered on 12/13/01, 9:17 am
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