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  1. #1
    Join Date
    Dec 2009

    How to calculate Executor's fee in NJ

    What is the name of your state (only U.S. law)? New Jersey

    My brother is the Executor of my mom's will and for the past 2 years everything was going well between us until I was surprised to learn yesterday at settlement that he charged me an executor fee $27K+.

    I need to know how this is calculated because he didn't explain it well.

    He gave me a 1 page accounting sheet showing the estate CDs and cash in checking and savings + the "Estimated vale of real estate" at $237,000 which he took from a Fox and Lazo real estate site on property values in our area. The original asking price for the home was $239,900 over a year ago, but the home eventually sold for $186,000 last month.

    How do you determine the total value of the estate and apply the rates?

    a) CDs + cash + final selling price of the home? or
    b) CDs + cash + market value of a home based on a real estate web site?
    c) anything else I should consider?

    Can someone show me how to properly calculate the executor fee?

    The NJ executor fee rates are as follows:
    a) 6% on all estate income (is this Cash + what we got the the house?)?
    b) 5% of the estate up to $200,000
    c) 3.5% on excess above 200,000 up to $1M

    Thank you in advance for your help!!!

    Last edited by dsereni; 12-10-2009 at 09:56 AM.
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