Trust. Commitment. Integrity.

Rudolf J. Karvay
Estate & Trust Law
Garden City, New York

Probate ● Administration ● Estate Planning ● Taxation ● Litigation ● (516) 780-0281

EXECUTOR FEES - CALCULATING COMMISSIONS FOR NEW YORK ESTATES

Executors and Administrators in New York are entitled to fees as prescribed by statute. Use our Executor Fees calculator to estimate commissions you may be entitled to - click on button. But before you do, carefully review the summary of rules provided below. Additionally, it is important to consult with an attorney before taking any fees as an executor or administrator.

New York Rules for Calculating Executor Fees / Commissions

The rules regarding executor fees are somewhat complex and are presented here in a simplified manner. Generally, fees are calculated on the combined value of the assets of the estate plus income. However, some assets are usually excluded from the fee calculation including:

All assets passing outside of the estate. For example - accounts or policies payable to named beneficiaries, “in trust for” accounts, joint assets with rights of survivorship, etc.

Assets which are specifically given to a person or organization - specific bequest.

Real estate that is not sold by the executor or administrator.

The Surrogate’s Court Procedure Act sets forth the executor fees rates as follows:

(a) For receiving and paying out all sums of money not exceeding $100,000 at the rate of 5 percent.
(b) For receiving and paying out any additional sums not exceeding $200,000 at the rate of 4 percent.
(c) For receiving and paying out any additional sums not exceeding $700,000 at the rate of 3 percent.
(d) For receiving and paying out any additional sums not exceeding $4,000,000 at the rate of 2 1/2 percent.
(e) For receiving and paying out all sums above $5,000,000 at the rate of 2 percent.

For example, if the value of the estate, subject to commissions, is $1,000,000 (receiving and paying), the fee would be calculated as follows:

$100,000 x 5% = 5,000
$200,000 x 4% = 8,000
$700,000 x 3% = 21,000

Resulting in an Executor’s Fee of $34,000

Executor’s Fees are Taxable Income

You should be aware that fees received by you as executor or administrator are taxable to you as income. On the other hand, funds received by you as a beneficiary are not considered taxable income. Thus, before accepting any compensation, you should discuss the issue with your tax advisor.

Executor Fees / Commissions for Multiple Executors or Administrators

For estates valued at less than $100,000 where there is more than 1 executor or administrator (“fiduciary”), the full fee / commission allowed to a single fiduciary must be divided among all of the fiduciaries according to the services rendered by them respectively.

For estate valued at $100,000 or more but less than $300,000 each fiduciary is entitled to the full fee allowed to a sole fiduciary unless there are more than 2 fiduciaries in which case the full fee allowed to 2 fiduciaries must be divided among them according to the services rendered by them respectively, unless the fiduciaries have otherwise agreed in writing between or among themselves.

For estates valued at $300,000 or more each fiduciary is entitled to the full fee allowed to a sole fiduciary unless there be more than 3, in which case the fee to which 3 would be entitled must be divided among them according to the services rendered by them respectively unless the fiduciaries have have otherwise agreed in writing among themselves.

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Our application will automatically calculate the estimated executor’s commission you may be entitled to.