Legal Question in Wills and Trusts in New Jersey
In the state of New Jersey, when preparing a will, can you request that the executor get less than the usual and customary fees or does the will have to contain the languarge stating that the executor is entitled tp the usual and customery fees. We would like to leave the executor a specific amount of money in lieu of the customary fee.
3 Answers from Attorneys
I do not think you can say in your will that the Executor can not get the fee allowed by statute. I think you need to talk this over carefully with the Executor. The executor is definitely able to decline the fee, or take less fee. You really need a New Jersey lawyer to help you. Call me, and I will see what I can do. 201 820 3460.
You can specify in the Will that the executor's appointment is conditioned upon a reduced commission....However, doing so may also greatly increase the chances that the executor [your first choice person] decides to decline the appointment....Meaning that your estate may be administered by someone else.
Who is drafting this Will for you....are you doing this yourself?
While a Will is a document everyone should have, it is not always something everyone can do themselves. I would be happy to assist.
Mike
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