Executor commissions are governed by the Surrogate’s Court Procedure Act §§ 2307 and 2307 (A). An executor is entitled to the commissions proscribed by the statute.
SCPA 2307(1) states that an executor is allowed the reasonable and necessary expenses actually paid by him personally in acting as executor (and if the executor is an attorney, and rendered legal services in connection with acting as executor, such compensation as appear to be just and reasonable) PLUS the following commissions:
1- 5% for receiving and paying out all sums of money not in excess of $500,000;
2- 4% for receiving and paying out any additional sums not exceeding $200,000;
3- 3% for receiving and paying out any additional sums not exceeding $700,000;
4- 2 ½% for receiving and paying out any additional sums not in excess of $400,000; and
5- 2% for receiving and paying out all sums in excess of $5,000,000.
In addition, the statute makes for provisions for multiple executor commissions, corporate executor commissions, situations where the fiduciary is also required to collect rents or manage real property, and situations involving guardians.
To discuss your role as Executor, call the Law Offices of Albert Goodwin at 718-509-9774.