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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 York, the compensation of an executor of a will, also known as an executor's commission, is governed by the New York Surrogate's Court Procedure Act (SCPA) Section 2307. The compensation is based on a sliding scale percentage of the estate's value. According to this statute, the executor is entitled to receive a commission of 5% on the first $100,000 of the estate's value, 4% on the next $200,000, 3% on the next $700,000, 2.5% on the next $4,000,000, and 2% on any amount above $5,000,000. The testator has the right to specify a different compensation arrangement in the will, and the executor can also agree to serve without compensation or for a fee lower than the statutory commission. If there are multiple executors, the commission may be divided among them as specified in the will or, if the will does not specify, then as determined by the court based on the services rendered by each executor.

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Wills, trusts, and estates

executor fee

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Wills, trusts, and estates

executor fee

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