A Queens executor fees lawyer will help you in understanding how the various New York statutes relate to how an executor can get paid. Given the complexity associated with tasks of closing out an estate, state laws enable executors to recover compensation for the work that they do.
When you think that an executor has broken the law, however, you can ask that he or she be removed from the case. You can only do this when there is evidence that the fiduciary violated statutes or engaged in some kind of fraud. With this level of serious allegations, you must have ample evidence on your side and be prepared to get help from an attorney.
This time consuming process requires many different steps and can be further complicated by any difficult aspects of the estate. It likely comes as no surprise that executors are entitled to compensation. Executors are eligible to waive received fees, but most choose not to do this.
Executor theft, executor malfeasance, concerns over an executor that steals and how much executors get paid are top issues presented to experienced executor fees attorneys in Queens.
An executor fee lawyer in Queens will be able to advise you whether or not it appears that the executor has overstepped his or her bounds and has damaged the value of the overall estate as a result of malfeasance. Section 2307 of the New York Surrogate Court Procedure Act enables executors to be paid based on a portion of the total combined value of the estate's assets plus income. For example, executors are entitled to 5% of the first $100,000, 4% of the following $200,000, 3% of the following $700,000, 2.5% for the next $4 million, and 2% payment of any amount over $5 million. Executors should be aware that these fees are taxable income unlike the monies that are paid out to beneficiaries from say, a life insurance policy.
When multiple executors have served within a will, the fee is shared based on the work that each individual executor has done. The executor is responsible for contacting creditors and beneficiaries, making a total estate inventory, filing final tax returns and making tax payment, and more.
If you’re still confused, ask your lawyer to walk you through what the accounting means when an executor has been paid out of the estate.
Can I Challenge the Executor?If the executor violates his or her fiduciary responsibility to the beneficiaries of the estate, you are within your rights to ask to have him or her removed from the case. As a beneficiary, you are also eligible to ask for an accounting of the estate so that you can see where the money has been spent.
This is often recommended when you are unsure about whether any malfeasance has occurred but need additional information to make a formal claim. A formal accounting might be the first piece of evidence you receive that assists you with filing a claim to have the executor removed from the estate.
Don’t assume that you can handle the case if you see evidence that the executor has overstepped bounds. You need someone familiar with the law and the right paperwork to help you.
Monies paid to an executor are a reasonable part of the process, but this can become much more complicated and filled with conflict if the executor violates his or her legal and fiduciary responsibilities to the beneficiaries. If this has already happened in a case in which you are involved as a beneficiary, you need to schedule a consultation with an experienced attorney as soon as possible.