New York Executor Fees

Executor fees in New York can be a source of confusion and contention during the probate process. An executor, also known as a personal representative, is responsible for managing the estate of the deceased and carrying out their wishes as expressed in their will. In exchange for their services, executors are entitled to receive compensation in the form of fees. However, the calculation and payment of executor fees can be a complex and highly regulated process, and there are strict legal requirements that must be followed to ensure that the executor is fairly compensated without improperly reducing the assets of the estate. The New York probate lawyers at Stephen Bilkis & Associates have extensive experience helping clients navigate the rules and regulations governing executor fees in New York and can provide the guidance and support needed to ensure that your rights and interests are protected throughout the probate process.

In New York, executor fees are governed by state law. Section 2307 of the New York Surrogate's Court Procedure Act sets out the formula for calculating the executor's fee, which is based on the value of the estate. The current fee schedule is as follows:

• 5% of the first $100,000 of the estate
• 4% of the next $200,000
• 3% of the next $700,000
• 2.5% of the next $4 million
• 2% of the next $15 million
• 1% of the value of the estate over $25 million

For estates valued at $10,000 or less, the executor's fee is capped at $1,000.

As an experienced New York probate lawyer will explain, while the fee schedule provides a framework for determining the executor's fee, there may be circumstances that warrant adjusting the fee. For example, if the executor is required to perform extensive work or face difficult challenges in administering the estate, they may be entitled to a higher fee. On the other hand, if the executor makes errors or engages in misconduct, their fee may be reduced or denied altogether.

In New York, objections to an estate executor's fee typically revolve around the reasonableness of the compensation sought. Beneficiaries or interested parties may contest the fees on various grounds, including excessive charges, lack of transparency, or conflicts of interest. New York law provides that an executor is entitled to "reasonable" compensation for their services. If the executor's fees are perceived as disproportionate to the tasks performed or if the executor engaged in self-dealing or other conflicts of interest, objections may be raised. Moreover, beneficiaries may dispute fees if the executor failed to provide detailed records justifying the charges or if there is evidence of neglect or mismanagement of the estate.

Courts in New York assess executor's fees based on factors such as the size and complexity of the estate, the responsibilities undertaken, the time spent, and the skill and expertise required. Objectors must present evidence supporting their claim that the fees are unreasonable or that the executor breached their fiduciary duty. Ultimately, the court will consider the merits of the objections and make a determination based on the principles of fairness, reasonableness, and the best interests of the estate and its beneficiaries.

The calculation and payment of executor fees in New York can be a complex process that requires careful attention to the legal requirements and regulations governing the probate process. At Stephen Bilkis & Associates we understand the challenges that can arise when dealing with executor fees and have the knowledge and experience to help you navigate this process with confidence. Our team of experienced probate attorneys serving New York can provide the guidance and support you need to ensure that your rights and interests are protected, and that your executor receives fair compensation for their services. Contact us at 800-696-9529 to schedule a free, no obligation consultation regarding your case. We represent clients in the following locations: Manhattan, Long Island, Nassau County, Queens, Brooklyn, Staten Island, Suffolk County, Bronx, and Westchester County.