Legal Question in Wills and Trusts in New York
Executor fees
I have been named as a co-executor to a relative's New York estate who has passed. The will does not indicate a fee for serving as an executor. I need to know if there is a law which sets the fee (percentage of the estate?) for an executor of an estate.
Thank you.
1 Answer from Attorneys
Re: Executor fees
As an appointed executor (or co-executor) of an estate, you are entitled to a fee which is fixed by statute. The fee set by statute can, however, be altered by the terms of the will, so the first step is to look at the will and see if there is any language regarding the fees. If there is no such language in the will, then you would be entitled to the statutory fees. They are roughly, 5% for the first $100,000; 4% for the next $200,000; 3% for the next $700,000; 2% for the rest. There may also be an additional fee for collecting rents.
Meg Rudansky, Esq.
(631) 725-4778
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