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Thread: distribution

  1. #1
    buccadi is offline Junior Member
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    May 2008
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    4

    distribution

    What is the name of your state? NEW jersey
    Does the excutor get a percent of the total sum of the estate or what is remaining after all of the beneficiaries received what is owed. What is the percent for excutor's in New Jersey.
    Also, If their are 3 beneficiaries, does each one get equal share of the total estate or what is remaing after the money is distributed from bonds, life Ins. etc.:
  2. #2
    anteater is offline Senior Member
    Join Date
    Sep 2004
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    Does the excutor get a percent of the total sum of the estate or what is remaining after all of the beneficiaries received what is owed. What is the percent for excutor's in New Jersey.
    Since beneficiaries do not receive anything until all administration expenses and debts of the deceased are satisified, there would not be anythng left in the estate with which to pay the executor if the executor were to be compensated after bequests to beneficiaries are made.

    In NJ, if the will is silent on the matter, the the law entitles the executor to commissions based upon this schedule:
    a. 6% on all estate income;
    b. 5% of the estate up to $200,000;
    c. 3.5% on excess above $200,000 up to $1,000,000;
    d. 2% on excess over $1,000,000 or such other percentage as the Superior Court may determine.

    Of course, the executor is allowed to take no commission or less than what the law allows.

    Also, If their are 3 beneficiaries, does each one get equal share of the total estate or what is remaing after the money is distributed from bonds, life Ins. etc.:
    Your question is confusing and may indicate confusion on your part. You need to distinguish between the gross estate and the probate estate. In simple terms, the gross estate is everything that the deceased own, including any assets that are owned jointly with right of survivorship or assets that have beneficiary designations (Transfer on Death, Pay on Death, IRA or 401k beneficiary designations, etc).

    The probate estate includes all of the deceased's solely-owned assets that do not have beneficiary designations. The probate estate is administered by the executor inder the authority and supervision of the probate court. And, after all expenses and debts are paid, the probate estate is distributed under the terms of the deceased's will or the state's intestatcy statutes if there is no will. If there is a will and there are specific bequests, then those are fulfilled first. If there are additional assets after that, a will usually has a residuary clause that indicates how any residual should be distributed.

    If that does not help you out. post back with some of the specifics of the situation you are interested in.

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