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蚕耻别蝉迟颈辞苍:听I was named as the Executor in my mother鈥檚 Will.聽 Do I receive a fee for serving as Executor of the Estate?
Answer:聽To begin, it is important to understand the functions of an Executor.聽 The Executor will be required to perform duties which will depend upon, and be specific to, the respective estate.聽 Some of these duties may include: probating the Decedent鈥檚 Will, marshalling the Decedent鈥檚 assets, managing the Decedent鈥檚 property, keeping accurate records with regard to the administration of the Decedent鈥檚 assets, paying all valid claims of the Decedent鈥檚 creditors, filing the applicable estate tax returns, preparing an estate accounting and making distributions to the Estate鈥檚 beneficiaries.
There are certain assets that may be part of the decedent鈥檚 gross estate that will not be considered as part of the estate for purposes of calculating the executor鈥檚 fee. Examples of such assets include proceeds from a life insurance policy and assets in a 401(k) plan.
In New York, the Executor of an Estate is entitled to executor commissions which are statutory in nature.聽 Under the聽聽(鈥淪CPA鈥�), executor fees are based on the value of the probate estate and range between 2% and 5% of the value of applicable assets received and paid out.
Under the SCPA,聽 executor fees are calculated as follows:
(a)鈥侳or receiving and paying out all sums of money not exceeding $100,000 at the rate of 5%
(b)鈥侳or receiving and paying out any additional sums not exceeding $200,000 at the rate of 4%
(c)鈥侳or receiving and paying out any additional sums not exceeding $700,000 at the rate of 3%
(d)鈥侳or receiving and paying out any additional sums not exceeding $4,000,000 at the rate of 2.5%
(e)鈥侳or receiving and paying out all sums above $5,000,000 at the rate of 2 percent
Additionally, it is important to note that the Decedent may have decided on an entirely different fee for the Executor in her Last Will and Testament which would supersede the statutory calculation enumerated above.
Legal Assistance for Estate Administration
The process of administering an Estate and serving as an Executor can be complicated and involve a signification amount of work which is why a聽NYS Executor聽is entitled to receive a commission.聽 It is important that the fee an Executor charges against the estate is consistent with the Will and statutory requirements.聽 An聽attorney who specialized in the administration of Estates聽can assist an Executor in this regard.
鈥撀�Nancy Burner, Esq.聽and Maria Johnson, Esq.
