Legal Question in Wills and Trusts in New York
Legal Fees
What is the standard legal fee for the executor of an estate? The executor is a family member who is a resident of Texas. The deceased was a resident of New York. Is the fee a certain percentage of the value of the estate, or is it based on hours spent on the tasks involved?
1 Answer from Attorneys
Re: Legal Fees
There is a statute in New York which sets the fees for the executor of an estate. It is based upon the value of the assets in the estate. It is
5% of the first $100,000; 4% of the next $200,000; 3% of the next $700,000; 2% thereafter. This is the general rule with some exceptions.
These rates apply unless the will provides otherwise. For example, a will can increase or decrease those percentages, provide for a flat fee, provide for no fee, or give the executor some asset or assets in exchange for services.
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