Legal Question in Wills and Trusts in New York
when you are legally made the executor of an estate (no will left) do you receive a fee or percentage for your duties, and who decides what the amount or percentage is ?
Asked on 4/14/10, 11:54 am
1 Answer from Attorneys
Rudolf Karvay
Berkman, Henoch, Peterson, Peddy & Fenchel, P.C.
An Administrator (no will) of an estate is entitled to be compensated by law. The compensation is labled a commission and is a percentage of the estate set by statute (the Surrogate's Court Proceedure Act). The percentage is a graduated rate ( 5% of the first 100,000, 4% of the next 200,000, 3% of the next 700,000...).
Answered on 4/19/10, 12:35 pm
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