and Your Family
Nassau County Executor Fee
Executor fees can be hard to calculate if you do not know all of the elements of the estate used to calculate the total value to pay out to the person serving as executor. It’s one of the biggest reasons why people who stand to receive something in the estate decide to file a claim with the help of a lawyer if they think the executor received too much money or made questionable transfers of estate assets during the time of his or her service.
It is important to recognize the role that an executor plays in the closing out of an estate and what to do if you have questions about the fees paid out to executors. A Nassau County executor fees attorney is a powerful advocate and resource for you to ask questions of when you have concerns about executor fees and whether or not malfeasance has occurred.
Executors are entitled to compensation for the important role that they play in the closing of an estate. The executor of a will usually receives compensation for his or her work. The executor will be paid out of the probate estate as a Nassau County executor fee lawyer will tell you. An executor fee lawyer in Nassau County will also explain to you that an executor can be paid a percentage of the estate, a flat fee or an hourly rate depending on the specific location of the will. An estate executor has numerous duties, including contacting beneficiaries and creditors, making an inventory of the estate, paying the bills for the estate and ensuring that each beneficiary receives what the will left for him or her. Furthermore, an executor might also be required to file the final tax returns for the estate and to defend the will against any challenges in court.
The amount of compensation for executor fees is a common issue that is raised by people who are standing to receive compensation as beneficiaries. These beneficiaries are often curious about executor pay, executor's commissions, how much executors get paid and what to do if monies paid to executors seem unfair. The amount of compensation that an executor can earn for his or her work depends on the law of the state in which the will is probated.
Being an executor of the estate is a very time consuming process, so it is not surprising to most people that executors are entitled to compensation. The New York Surrogate Courts Procedure Act section 2307 outlines the formula for executor fees.How Much Do Executors Get Paid?
The formula for executor fees is based on the overall combined value of the estate's assets in addition to income. This includes;
- • 5% of the first $100,000 in the estate.
- • 4% of the next $200,000.
- • 3% of the next $700,000.
- • 2.5% for the $4 million.
- • 2% on any amount over $5 million.
Executor's fees are considered taxable income. This is different from beneficiaries of an estate who will not taxed on funds that are received from an estate. In many situations, there are multiple executors to a will. When this occurs, there are questions about what happens to the executor fee. The fee will be shared when there are multiple executors to a will.
If you suspect that malfeasance has occurred or that you need to challenge the executor because he or she has acted inappropriately, you need to identify an executor fees attorney in Nassau County who can assist you with filing the appropriate paperwork and making an official claim that the person has violated the law.