Legal Question in Wills and Trusts in New York

Re: Excecutrix fee

As an executrix, there is a commission you are entitled to set by New York State Law. The commission depends on the size of the estate. In addition you may be etitled to valid and reasonable "out-of-pocket" expenses. When the time comes to act as executrix, your attorney, or the attorney for the estate will be able to guide you through this process. Please do not hesitate to conact me when the time comes.

Re: Excecutrix fee

Your are entitled to a stautorily prescribed commission if you serve as a trustee, executor or both.

Call the Surrogate's Court and the probate clerk will furnish the rates.

Re: Excecutrix fee

Yes, an Executor who serves under a Will is entitled to a Commission for her services. Under New York State law, the amount of the Commission is based upon the value of the Estate. The rates start at 5% of the first $100,000 and 4% of the 2nd and 3rd $100,000 and so on.

These rates apply unless the Will provides that the Executor shall serve without a Commission.

Please feel free to contact me at (716) 856-4022 to discuss this further. Thank you.

Re: Excecutrix fee

You are entitled to a commission based upon the value of the probate estate (assets passing under the Will only, not assets passing by operation of law, such as joint bank accounts, insurance paid to a designated beneficiary). There is a sliding scale set by statute and the Probate Clerk's office can provide you with the formula. In addition, you are entitled to an income commission, usually 6% of the annual income. Both commissions are considered as earned income for income tax purposes, but are not considered as earned income for self-employment taxes. They are reported as "other income" in your personal tax returns.

Re: Excecutrix fee

The fee is is a sliding scale set by statute and begins at 5% of the first $100,000 passing under the will. The fees are taxable income to you and are deducted from the estate.

If you and memebers of your family are the only heirs, you may wish to consider waiving the fees thereby increasing the inheritances which are not taxed.

Feel free to call me at 914-478-2981 if you need further information.