Executor Commissions

 Executor Commissions

The executor is entitled to a fee for services performed. Under New Jersey law, the executor of an estate is generally entitled to the following commissions (remember, executor commissions are only allowable on “probate assets” and on real estate which comes into the hands of the executor):

a. 6.0% on all estate income;
b. 5.0% of the estate up to $200,000;
c. 3.5% on excess above $200,000 up to $1,000,000;
d. 2.0% on excess over $1,000,000 or such other percentage as the Superior Court may determine

There are different rules for commissions when there is more than one executor, or when the executor has rendered unusual or extraordinary services. In some cases, family members may choose not to accept (i.e., waive) fees. However, a decision to waive fees should be made only after careful consideration of the distribution of the estate’s assets, and tax consequences of not taking the deduction for payment of the commission.

 

Source http://www.bergencountysurrogate.com/probate.html