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Wills, trusts, and estates

executor fee

Although many executors of wills manage the administration of the deceased person’s (decedent’s) estate without compensation, a person who makes a will (testator) may provide for compensation of the executor in the will. And many states have laws (statutes) that provide a formula for calculating the compensation of an executor. These laws vary from state to state and are often located in the estates code, probate code, or similarly-named code.

In New Jersey, the compensation of an executor of a will is governed by state statutes. The New Jersey statutes allow for an executor to be compensated for their services, and this compensation can be specified by the testator in the will. If the will does not specify the amount, the executor is entitled to receive a commission based on the value of the estate. According to N.J.S.A. 3B:18-13, the commission rates are 5% of the first $200,000 of the estate's value, 3.5% on the excess over $200,000 up to $1,000,000, and 2% on any excess over $1,000,000. Additionally, an executor may receive 6% of all income earned by the estate. These rates are subject to change and can be contested in court if deemed unreasonable. It is important for executors to be aware of these provisions to ensure they are fairly compensated for their work in managing and distributing the estate according to the decedent's wishes.

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Wills, trusts, and estates

executor fee

Individual & Family Legal Plan

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New-Jersey State Code

Wills, trusts, and estates

executor fee

New-Jersey State Code

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