Legal Question in Wills and Trusts in New York
NY Will Fees
My Aunt passed and left her best friend myself and my cousin co executors of the will. Her Best friend is not a benefactor of the will. Does she get a percentage of the estate as being a executor. Also Does my cousin and my self also get a fee for being co exector?
3 Answers from Attorneys
Re: NY Will Fees
Yes, you are entitled to share the commission, if you all participate in the work.
Re: NY Will Fees
Yes, NY State law sets a fee schedule based on a declining percentage of the total value of the estate. Depending on the size of your Aunt's estate, the three of you either split the statutory fee, or you are each entitled to an equal fee.
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Re: NY Will Fees
I agree with Tony and David, and the fee schedule is available at the Surrogate's web site. Note, however, that fees are only paid on probate assets (those covered by the Will), not on assets that go by account designation, such as joint accounts, or POD accounts, or those having a designated beneficiary, such as life insurance and retirement plans.
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