Legal Question in Wills and Trusts in New York

Re: What fees can the executor receive?

By statute, executor is entitled to 5% of first $200,000, 3-1/2% to $1MM and 2% of excess. Also, executor is entitled to 6% of income.

Re: What fees can the executor receive?

In NYS the Statute allows for an executor to be paid a percentage of the value of the estate for his/her services rendered. The percentage is a sliding schedule (5%-3%)based on the probate assets. Since the amount paid to an executor is a deduction to the estate for tax purposes and the executor must pay income taxes on this amount there are other considerations that must be weighed by the executor when taking the full amount of the fee or less since no income taxes are paid on an inheritance, many executors opt not to take a reduced fee. The attorney who is handling the estate can calculate that amount for you but if it is a substanial estate a final decision on the executor's fees is not made until the income tax and estate tax returns are completed.

Re: What fees can the executor receive?

Surrogates Court Proceedure Act section 2307 sets out a sliding scale, beginning at 5% of the first $100,000, 4% of the next $200,000, 3% of the next $700,000, 2.5% of the next $4,000,000, and 2% of anything above that.