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!!!