Staten Island Executor Fee
A Staten Island executor fee lawyer is an advocate and a person to assist you when you have questions about how much executors get paid. State law dictates how much executors can get paid and the total amount of executor commissions that can be charged.
Some states have different laws than others but in the state of New York, the New York Surrogate Court Procedures Section 2307 outlines that executors are entitled to reasonable compensation as dictated by the total size of the estate. If you believe that an estate accounting will reveal that the executor charged more than this or engaged in other fraudulent or questionable activity that minimized the total amount of assets available to you and other beneficiaries, this can be used to request an accounting and ultimately have the executor removed if he or she engaged in malfeasance. Wills, trust and estate law is all governed by the New York Surrogate Court Procedure Act.
The executor fees are based on the combined value of estate's assets. These include:
- 5% of the first $100,000 in the estate.
- 4% of the next $200,000 in the estate.
- 3% of the next $700,000 in the estate.
- 2.5% for the next $4 million.
- 2% on any amount greater than $5 million.
It can be very complicated to calculate these executor commissions on your own, which is why retaining the services of a lawyer can clarify whether or not mistakes have been made and how to proceed if this has indeed happened. When multiple executors are added to a will, the fee is shared.
Sometimes the fiduciaries will agree to things in writing or between themselves for estates that are valued at less than $100,000. Executors split the fee according to the services rendered by them respectively, as your executor fee lawyer in Staten Island would tell you.
Your executor fee lawyer in Staten Island can also explain to you what happens when there are more than two executors involved in a case and how to proceed. Since a typical executor has numerous responsibilities, state laws entitle these beneficiaries to recover compensation deemed reasonable.
The executor, for example, has to make an inventory of the estate, contact beneficiaries and creditors, pay the bills or the estate and ensure that each beneficiary gets what is left behind in the will for him or her.
Additionally, the fiduciary executor has to file final tax returns or to defend the will against any will contests in court. These duties can take numerous months to complete and all require care, attention and time. The executor will be compensated for the time and energy that they spend in making sure that the work is done. The total amount of compensation that an executor can earn for his or her work does depend on where the will is probated.
However, in the state of New York the same procedures apply to all of the Surrogate's Court located in each county. If you believe that an accounting is required to verify whether or not malfeasance has occurred or whether or not you have grounds to pursue having this person removed from the case entirely, you need to bring your evidence to the offices of an experienced lawyer who is highly knowledgeable about estate and probate related issues and can advise you about the overall grounds of your case and your eligibility to bring a claim.
Choosing to retain an attorney sooner rather than later can have a big impact on the outcome of your case and give you peace of mind as the lawyer will be familiar with the landscape and the necessary paperwork to file and move forward.