Legal Question in Wills and Trusts in New York

Re: Executors fee

Life insurance passes outside the estate generally

and is not a consideration

You are entitled only to a commission (5%) or

reimbursement for expenses paid out of your

own pocket

All other monies, after the payment of expenses

and commissions, must be divided as the

will says, which sounds like in 3 equal

parts.

Failure to do so can cause the slighted

brother to successfully sue you individually

Re: Executors fee

If you paid the funeral bills and other expenses personally, you are entitled to be reimbursed and the funds can be used for that purpose as the Will probably provided that such expenses were payable out of the estate assets. As executor, you are entitled to a fee and the amount depends upon the size of the estate, starting at 5% of the gross assets. You are also entitled to an income commission of 6% of all income received (interest, dividends, etc.) You can keep the remaining money as long as it is less than what the commission calculation would be. However, the receipt of a fee as executor is taxable income to be reported by you.