Legal Question in Wills and Trusts in New York
Fee for being an executor of a will/estate
Hello,
My husband is the executor of his parents' will/estate and was advised that he is entitled to a fee for this. Is this true, and , if so, how is that fee determined? Is it a percentage of the value of the estate? Any other pertinent information regarding this would be greatly appreciated. Thank you!
2 Answers from Attorneys
Re: Fee for being an executor of a will/estate
Unless the Will specifies otherwise, an Executor is allowed a fee, whose calculation is set forth in the appropriate statutes of the State where the Will is being probated. It only covers assets covered by the Will. The local Surrogate could provide you with a copy of the fee schedule also.
Re: Fee for being an executor of a will/estate
Yes there are commissions payable to an Executor based upon the gross value of the estate. It is set forth in the statute. It is in the neighborhood of 3% of the estate.
The Executor also chooses the attorney who will probate the will. Most of the work is done by the attorney.
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