and Your Family
Manhattan Executor Fees
Do you need the services of a Manhattan executor fees lawyer? You might need this support from a legal representative if you believe that the executor appointed to an estate has made mistakes and that you need to see an accounting to identify whether or not these errors should have this person removed from the case.
New York state law recognizes numerous tasks that must be completed when a person is appointed as the executor of an estate. An executor is a person who manages all of the settling of the estate by doing things like paying taxes, filing tax returns, collecting unpaid salary and commission, and transferring and distributing the remaining assets.
Assets included inside the probate estate are extremely important, not just for the inventory and ultimately being passed to beneficiaries, but because these determine how much the executor is paid. Some of the assets inside the estate include real estate, cash, personal property and investments.
Many beneficiaries to an estate are curious and concerned about an executor that steals and how prove that this is an executor theft. If the executor does something wrong and an estate accounting reveals that he or she has paid themselves too much or has illegally transferred assets out of the name of the estate and into their own personal interests, you can use this information to have the executor removed from the case.
Many people are curious how much do executors get paid. The complexity of an estate means that getting paid for their services is a common aspect of working as an estate executor. The process can be time consuming and lengthy and can even involve dealing with disputes like challenges of wills.
The testator does not have to include a direct statement in the terms of the will, explaining that the executor is entitled to receive a fee. The New York state laws entitle executors to get reasonable payment for the work they complete while serving in the role of fiduciary. This is outlined in the New York Surrogate Court Procedure Section 2307. The total value of the estate in probate is important for the determination of payment. The total assets inside the estate will dictate how much of each portion of that money the executor is entitled to receive. For example:
- For receiving and giving out money no larger than $100,000, the executor is entitled to 5%.
- For distributing additional money no higher than $200,000, the rate of 4% is appropriate for executor pay.
- For receiving and giving out additional funds no higher than $700,000, the applicable rate is 3%.
- For receiving and giving out additional funds not larger than $4 million, the rate of payment is 2.5%.
- For making payment of all sums above $5 million, the rate is 2%.
If more than one executor is appointed to the case, then the fees must be apportioned appropriately to each executor based on the total services rendered. A fee may be mentioned directly in the will in the event that a corporate executor has been established rather than an individual.
This fee could be a percentage outlined in the will, a specific amount or the published fee schedule associated with the corporation. The fee charged by the executor must be consistent with New York statutory requirements. If you are a beneficiary of an estate and identify that the executor has charged too much, you could have grounds to have this person removed from the case entirely. In this situation it's important to retain the services of an executor fee attorney in Manhattan.
An executor fee lawyer in Manhattan will assist you with filing all the right paperwork and getting an accounting of the estate to review whether or not malfeasance has occurred.