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Is Real Estate included in Calculating Executor Commissions?

Under the New York Surrogate’s Court Procedures Act (SCPA), executor commissions are calculated based upon a percentage of the total value of a New York decedent’s estate, less any bequests such as real or personal property that the testator may have left to a named beneficiary under the testator’s will. In other words, if at the time of death of a New York decedent, the decedent owned property in the decedent’s sole name and left provisions in a will to bequeath the property to a named beneficiary, the market value of that real estate or personal property would be excluded from the total value of the decedent’s estate for the purpose of calculating executor’s commissions. However, the transfer of title to the beneficiary or the sale of the property may still be subject to Court approval.

If you wish to speak to a New York estate attorney, call the Law Offices of Albert Goodwin at
718-509-9774.