Executor Income Fee

What is the name of your state?New York
I understand that an executive receives a commission for services but besides that commission is also entitled to an income commission of the annual income. Who's annual income? The person handling the estate or the deceased? If it's the deceased and that person was retire, would that include pension, social security and interest earned on bank accounts that were distributed quarterly?

It is the income coming into the estate, which would normally be that of the decedent, which means ANY MONEY that comes in.

Does anyone know the commission percentage on income?

Anybody??? Does anyone know what percentage of the estate income an executor is entitled to? Thanks.

It depends on the total value of the estate. It has a descending percentage rate, beginning with 5%.

Yes, NY has an odd stepped method for determining executor commissions. But I thought that income produced by the estate was treated different when determining the executors commission. Basically because there is a greater burden on the executor to run an apartment business while settling the estate. In fact, most realtors won't touch it in this area for anything less than 10% plus maintenance, cleaning, etc. I’m not really worried about it, I’d just like to know.

You may want to check with a New York attorney to find out if this rate has increased:

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 million.

Thanks Dandy. That's in line with what I've heard. So, if the list of assets totals $700,000 and the income produced by the estate totals $40,000 then the figure I base the commission on is $740,000?

Correct. You should consult with a local probate attorney to find out if perhaps the commission is a bit higher now due to changes in the law.

Thank you. I will check with a probate attorney.