Bronx Executor Fee
A Bronx executor fee lawyer is the first person you should contact when you need assistance with filing a petition for an accounting of the estate. An accounting of the estate can be requested if you need to see where the various assets involved in the estate have gone and whether or not the executor has violated his or her role as fiduciary.
An executor fee lawyer in the Bronx will be able to assist you with challenging the executor if you can show that illegal activity has occurred and officially getting the executor removed from the case wherever possible. This is not always going to be applicable in your individual circumstances, but it is a good idea to retain legal representation from an experienced attorney as soon as possible when you have grounds to move forward an executor fee case.
When disputes occur as part of the normal probate process, this can extend the length of time it takes to resolve the case and close the estate. With these challenges, it’s important for interested beneficiaries to realize the steps they have to take to protect their own interests.
The executor is the official personal representative of the deceased and is responsible for settling the deceased's estate. Recognizing that the role played by an executor is an important one that can involve many different phases, New York law entitles executors to receive reasonable compensation based on the overall value of the estate. These issues are handled by the Surrogate Court in the Bronx.
Responsibilities of the executor include managing financial obligations such as payment of taxes and to creditors, collecting unpaid benefits, commission and salary. Furthermore, the executor is responsible for handling the transfer and distribution of assets after these initial financial obligations have been met.
Some of the assets inside a probate estate managed by an executor include real estate, personal property, investments and cash. These are controlled by the will and passed through the probate transfer process and are also used to calculate the total value of the estate. It is important for an executor to begin with the most recent copy of the will, but he or she may also need to locate insurance policies, deeds, titles and trusts. Records and bank statements and records of contracts can be important. After an executor has been appointed to serve in this important role, he or she should recognize that they are entitled to receive compensation but that this outlined under statutory requirements.
The New York Surrogate's Court procedure at Section 2307 allows for executors to be paid based on the following guidelines of the combined estate's assets:
- 2% for any amount over $5 million
- 2.5% for value over $4 million
- 3% for value over $700,000
- 4% of $200,000
- 5% of $100,000
These are calculated on a per level basis, so the executor would be paid for 5% of the first $100,000 and then 4% of the next $200,000 and so on. Requesting an accounting of the estate administration will give you a good idea whether or not the estate executor has violated any laws and could have grounds to be removed. As a beneficiary, it is your responsibility to gather this evidence and to prepare the petition to request that this person be removed from the case.
Executor fees are taxable income and any case of multiple executors would lead to the executor fees being apportioned between the various people who served in this role based on their individual contributions. If you believe that an estate accounting would reveal that the executor has crossed boundaries and broken laws, it's essential that you find an experienced attorney to help you as soon as possible.