Executors and Administrators in New York are entitled to fees as prescribed by statute.
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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:
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
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.
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.