How do you calculate executor fees in NJ?

New Jersey’s executor fee is set by statute. It is 5 percent of the first $200,000 of assets taken in by the executor, 3.5 percent of the next $800,000 of assets and 2 percent on anything in excess of $1 million, said Yake Hauptman, an estate planning attorney with Hauptman and Hauptman in Livingston.

How do you calculate executors fees?

According to tariff, the executor is entitled to 3.5% on the gross value of assets in an estate and 6% on income accrued and collected after the death of the deceased. It is best to discuss the fees with your family upfront so that they are aware of how the fees will be calculated.

How much does an executor in NJ get paid?

An executor is entitled to receive 6% of all income received. (N.J.S.A. 3B:18-13) For example, if an estate receives $50,000 income from stocks and bonds held in a brokerage account. The executor would be entitled to $3,000.

How are NJ trustee commissions calculated?

So how is the trustee’s fee actually calculated?

  1. 0.5% on the first $400,000 of all corpus received by the executor; plus.
  2. 0.3% on the excess over $400,000. (N.J.S.A. 3B: 18-25)

Can an executor benefit from a will?

Can an executor be a beneficiary in a will? Yes, it’s perfectly legal to make the executor of your will a beneficiary as well. It’s actually pretty common. After all, the friend or family member you trust the most is usually also someone you’d want to leave a gift to.

When can an executor take their fee in NJ?

In that absence of expressly authorizing a commission an executor will be entitled to take an executor’s fee as provided in New Jersey Statutes 3B:18-12 through 3B:18-17. These same statutes also provide that if a person dies intestate (dies without a Will), the administrator of the estate may also take a fee.

How much can a trustee charge in NJ?

Trustees are entitled to a 6% fee on all income received by the trust annually.