Legal Question in Wills and Trusts in New York
executor pay
I would like to know in the state of New York when an executor is in charge of a trust what are the fees they may charge for handling a trust fund is it a one time charge or a monthly charge and what percentage does state law require that the executor recieve . The executor will be distributing a check to benefituary.
1 Answer from Attorneys
Re: executor pay
A new York attorney knowledgeable in that state's trust and estate laws needs to address this question. However, in the interim, I would assume that the allowable fees are those which are stipulated in the document which created the trust itself and should be payble also according to terms specified in this same trust instrument.
If there are so such terms in the instrument itself and the trust is a testamentary trust(included in a will), the total allowable fee would probably be in the area of 2% or so of the total value of the trust asset(s).
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
