Estates

What is the name of your state? How can I find a schedule of Executor Fees (New York State)?

NEW YORK STATE EXECUTOR FEES

5% of the first $100,000 received and paid out, plus
4% of the next $200,000, plus
3% of the next $700,000, plus
2.5% of the next $4,000,000, plus
2% of amounts over $5,000,000

Many thanks for your reply of information on NYS Executor fees, Don.

-Gerry

An Update:

This information was taken from a 1994 reference book, so it is possible that the rates could have changed since then, but this will at least give you general guidelines. If you want more specific information you will need to consult with a probate attorney in your area.

DANDY DON

Thanks again, Don, that gave me the general information I needed.

Now I have another question(s) for you or anyone who can help: What is the schedule for Trustees fees in NY State? - -and does an Executor who administers a FamilyTrust for the same Estate get a combined executor and trustee fee? Though I will be meeting with an attorney soon, I had wanted to be a little better educated beforehand so as to ask enough pertinent questions.

Thanks again and again in advance.

-Gerry

Gerry,
While these fees are stated, it is almost unheard of (from my experience) for a family member who is executor to charge the listed amount. It just depends on the complexity of the estate. If it is relatively simple, it would be "highway robbery" to charge these fees. You are not talking about (in many cases) something that is that difficult. Pay for advice from an accountant and an attorney and do as much as you can. These fees are made by attorneys(or their lobby group), for attorneys. No respectable person would charge these fees unless it was a difficult estate.
If you turn it over to an attorney, discuss these fees thoroughly before handing it over to him/her or chances are you will get nailed.
Curb1

You would have to speak to a trust attorney to get the schedule of trustee fees--that is private information, and not too many trust attorneys look at this website.

You have the right as a beneficiary of a trust to request a copy of the original trust document by sending a certified letter to the trustee, also requesting a copy of the accounting information about the trust for the most recent years. The trustees fees undoubtedly will be included somewhere in there.

Serving as an executor of an estate and serving as a trustee are 2 separate functions, so it is allowable for 2 separate fees to be charged.

Only way you can educate yourself about trusts is to find out what type of trust you have (is it revocable living trust? irrevocable living trust?, etc.) and then check out a library book about trusts and/or do a search yourself on a search engine, enclosing the search term in quotation marks, for example "revocable living trust", etc.

DANDY DON