Yes, the executor does get paid in NY. The payment to the executor is called a commission and is calculated based on the following percentages of the value of the estate:

• 5% of the first $100,000
• 4% of the next $200,000
• 3% the next $700,000
• 2.5% of the next $4 Million
• 2% of the rest of the value of the estate 

This calculation instruction is written out in SCPA 2307.

Here is our interactive calculator for how much is an executor paid in NY, for help with the math involved:

Executors of Estates in NY are not expected to carry out their responsibilities free of charge. They are usually entitled to compensation. This compensation is called “commissions.” The executor does get paid in NY, and the amount is set by law, in SCPA 2307.

To calculate how much an executor gets paid in NY, seek the advice of an estate attorney. The calculation can be trickier than people think.

Keep in mind that the statute requires that payment of commissions will be split between receiving and paying out. The amount of the executor fees will be the same as above, but listing it will look different, as the “receiving” fee and “paying out” fee will be specified, each being half of the total executor commission calculated.

An Executor is Paid in NY Based on a Percentage of the Estate

Actually using the percentages can be a bit confusing. Even though the NY executor commission calculator above does the math for you, you should still be able to double-check and do the math yourself. Here is an additional explanation, which will help you understand how the calculation works:

• 5% of the first $100,000
• 4% of the next $200,000 (so $5,000 plus 4% of estate value up to $300,000)
• 3% the next $700,000 (so $5,000 plus $8,000 plus 3% of estate value up to $1 million)
• 2.5% of the next $4 Million (so $5,000 plus $8,000 plus $21,000 plus 2.5% of estate value up to $5 million)
• 2% of the rest (this is an estate that is worth more than $5 Million, so $5,000 plus $8,000 plus $21,000 plus $100,000 plus 2% of estate value over $5 Million)

The percentage the executor is getting paid is based on the value of the estate’s assets plus income derived from those assets. For example, interest received from property of the estate is included in when you calculate how much the executor gets paid, but the property itself may not be included because the executor is not involved in the property’s sale. This is sometimes counterintuitive, because the executor usually is involved in retitling the property from the decedent to the beneficiaries. As you can see, it is now always easy to determine which assets are included in the payment, so an executor is well advised to consult with a NY estate attorney before taking their fees. It is likely that a preliminary account of the estate will be required when filing for a request for an advance payment of commission.

The executor may be entitled to additional reasonable compensation in connection with property management (5% of gross rentals), litigation or tax matters or management of the decedent’s business matters.

What Assets Are Not Included In Executor Payment

Assets passing outside of the estate or left to specifically named beneficiaries in a will are not included when a New York executor gets paid.

Assets that pass outside of the estate are not includable in calculating how much is an executor paid in NY, also called “non-probate assets,” are not a part of the estate and the executor therefore is not involved in their distribution and cannot charge a commission for them. They include:

• accounts with named beneficiaries
• accounts held jointly with the person who died
• real estate owned jointly with the person who died
• life insurance policies payable to individual beneficiaries
• real estate given to specific beneficiaries is also not a part of the estate

Specific legacy or devise is not includable in executor payment – the value of real property or personal property left to a specific person cannot be used as a basis of calculating executor compensation. If there is a reason that this property has to be handled by the executor, for example sold and the proceeds distributed, then the property may be includable in calculating executor payment.

As a rule of thumb, property that the executor is not receiving and paying out is not included in calculating their payment.

How much is Each Executor Paid in NY if there is More Than One Executor

• Estates Under $100,000 – For estates under $100,000, there is a “one commission rule” – one commission is split between all of the executors.
• Estates from $100,000 to $300,000 – For estates valued between $100,000 and $300,000, there is a “up to two commissions rule” – two commissions are split between all the executors.
• Estates at $300,000 and over – For estates valued at over $300,000, there is an “up to three commissions rule” – up to three fiduciaries can get separate fees, but if there are more than three fiduciaries, they divide three commissions.

Is Executor Pay in NY Subject to Income Tax

Yes, typical NY executor fees are counted as income and are subject to income tax. On the other hand, the IRS and New York Department of Revenue give estate executors an option to not take their payment and not pay income tax. This may make sense for an executor who is the only beneficiary of an estate, or even for someone who is not the only beneficiary, in light of the income-tax savings. This is something that should be discussed with an estate attorney and a tax advisor.

Can an Executor Get an Advance Payment of Fees

There is no automatic right to advance payment of commission – executors are usually paid at the conclusion of the estate, with our strong insistence that executors receive a signed and notarized waiver from the beneficiaries. However, New York SCPA 2310 and 2311 do authorize the executor to apply to the court for the advance payment of commissions, and will be able to take advance commissions if the judge issues an order allowing them to do so.

What is “Receiving and Paying Out”?

SCPA 2307 states that when NY executor commission is calculated, the amount of the commission should be split in half and the first half is presented as fee for “receiving” the estate and the second half is presented as “paying out” the estate. Although this does not impact the amount of the fee that the executor receives, it does impact how the numbers are presented in the accounting document submitted to the court or to the interested parties. An estate attorney familiar with submitting estate accounting documents would know how those numbers should be presented correctly.

What if How Much an Executor Gets Paid is Specified in the Will?

Some wills direct that the executor is to serve without compensation, but those wills are far and few in between. Even fewer wills specify how much is an executor paid in NY. Typical executor commission is in accordance with SCPA 2307, but a will can change that default. So it’s always a good idea to double-check your will, because if the will does set the amount of compensation, the direction of the will overwrites the default executor commission rate set forth in SCPA 2307.

Do I Need Written Consent of the Beneficiaries Before I Take My Executor Pay

Although it is theoretically possible to take the executor pay at the end of the case without written confirmation from the beneficiaries, it is almost unthinkable to do so in real-world practice because of the concern that the beneficiaries may challenge the amount at a later date. Obtaining a written waiver and consent from beneficiaries of a NY estate is a must before collecting executor pay in NY. It is standard practice to obtain beneficiaries’ consent not only on executor commissions but also on all aspects of an estate before the estate is settled.

Serving as an executor of a NY estate may require a great deal of time and expertise depending on the size of the estate and the type of assets. Under NY SCPA 2307, an executor of an estate is entitled to receive payment for their time and efforts in connection with the management of the estate assets and the distribution of the assets to the beneficiaries.

If you need to calculate how much you would get paid as an executor in NY as per SCPA 2307, and other help in an estate, you can get in touch with New York estate attorney Albert Goodwin at info@nyestateslawyer.com or by calling (212) 233-1233.

If you want to know if an executor of a will gets paid in NY. The answer is yes. Executors of Estates in NY are not expected to carry out their responsibilities free of charge. They are usually entitled to compensation. This compensation is called “commissions.” The amount an executor is paid in NY is set by law, in SCPA 2307. Here are the commission percentages:

•    5% of the first $100,000
•    4% of the next $200,000
•    3% the next $700,000
•    2.5% of the next $4 Million
•    2% of the rest of the value of the estate 

If you would like to consult with an attorney, you can send us an email at attorneyalbertgoodwin@gmail.com.

Here is our interactive calculator for how much is an executor paid in NY, for help with the math involved:

To figure out how much an executor gets paid in NY, seek the advice of an estate attorney. The answer can be trickier than people think.

Keep in mind that the statute requires that commission be split between receiving and paying out. The amount the executor gets paid will be the same as above, but listing it will look different, as the “receiving” fee and “paying out” payments will be specified, each being half of the total executor payment calculated.

How Much an Executor is Paid in NY is Determined as a Percentage of the Estate

Using the percentages is not always straight-forward. Even though the NY executor payment calculator above does the math for you, you should still be able to double-check and do the math yourself.  Here is an additional explanation, which will help you understand how executors get paid in New York:

•    5% of the first $100,000
•    4% of the next $200,000 (so $5,000 plus 4% of estate value up to $300,000)
•    3% the next $700,000 (so $5,000 plus $8,000 plus 3% of estate value up to $1 million)
•    2.5% of the next $4 Million (so $5,000 plus $8,000 plus $21,000 plus 2.5% of estate value up to $5 million)
•    2% of the rest (this is an estate that is worth more than $5 Million, so $5,000 plus $8,000 plus $21,000 plus $100,000 plus 2% of estate value over $5 Million)

The payment is based on the value of the estate’s assets plus income derived from those assets. For example, interest received from property of the estate is included in when you figure out how much the executor gets paid, but the property itself may not be included because the executor is not involved in the property’s sale. This is sometimes counterintuitive, because the executor usually is involved in retitling the property from the decedent to the beneficiaries. As you can see, it is now always easy to determine which assets are included in the calculation, so an executor is well advised to consult with a NY estate attorney before taking their payment. It is likely that a preliminary account of the estate will be required when filing for a request for an advance payment of the executor.

The executor may be entitled to additional reasonable compensation in connection with property management (5% of gross rentals), litigation or tax matters or management of the decedent’s business matters.

What Assets Are Not Included When You Figure Out How Much an Executor is Paid in NY

Assets passing outside of the estate or left to specifically named beneficiaries in a will are not included in a NY executor’s payment.

Assets that pass outside of the estate are not includable in figuring out if an executor is getting paid and how much the payment would be. Also called “non-probate assets,” are not a part of the estate and the executor therefore is not involved in their distribution and cannot collect payment for them. They include:

• accounts with named beneficiaries
• accounts held jointly with the person who died
• real estate owned jointly with the person who died
• life insurance policies payable to individual beneficiaries
• real estate given to specific beneficiaries is also not a part of the estate

Specific legacy or devise is not includable in figuring out how much an executor gets paid – the value of real property or personal property left to a specific person cannot be used as a basis of the executor’s payment. If there is a reason that this property has to be handled by the executor, for example sold and the proceeds distributed, then the property may be includable in figuring out how much an executor is getting paid.

As a rule of thumb, property that the executor is not receiving and paying out is not included in figuring out how much an executor is getting paid.

How much Each Executor is Paid in NY if there is More Than One Executor

• Estates Under $100,000 – For estates under $100,000, there is a “one commission rule” – one commission is split between all of the executors.
• Estates from $100,000 to $300,000 – For estates valued between $100,000 and $300,000, there is a “up to two commissions rule” – two commissions are split between all the executors.
• Estates at $300,000 and over – For estates valued at over $300,000, there is an “up to three commissions rule” – up to three fiduciaries can get separate fees, but if there are more than three fiduciaries, they divide three commissions.

Is Executor Pay in NY Subject to Income Tax

Yes, typical NY executor payments are counted as income and are subject to income tax. On the other hand, the IRS and New York Department of Revenue give estate executors an option to not take the payment and not pay income tax. This may make sense for an executor who is the only beneficiary of an estate, or even for someone who is not the only beneficiary, in light of the income-tax savings. This is something that should be discussed with an estate attorney and a tax advisor.

Can an Executor Get an Advance Payment

There is no automatic right to advance payment. Executors are usually paid at the conclusion of the estate, with our strong insistence that executors receive a waiver from the beneficiaries. However, New York SCPA 2310 and 2311 do authorize the executor to apply to the court for the advance payment, and will be able to take advance payment if the judge issues an order allowing them to do so.

What is “Receiving and Paying Out”?

SCPA 2307 states that when NY executor payment is calculated, the amount of the payment should be split in half and the first half is presented as fee for “receiving” the estate and the second half is presented as “paying out” the estate. Although this does not impact the amount of the payment that the executor receives, it does impact how the numbers are presented in the accounting document submitted to the court or to the interested parties. An estate attorney familiar with submitting estate accounting documents would know how those numbers should be presented correctly.

What if How Much an Executor is Paid is Specified in the Will?

Some wills direct that the executor is to serve without compensation, but those wills are far and few in between. Even fewer wills specify how much is an executor paid in NY.  Typical executor commission is in accordance with SCPA 2307, but a will can change that default. So it’s always a good idea to double-check your will, because if the will does set the amount of compensation, the direction of the will overwrites the default executor payment rate set forth in SCPA 2307.

Do I Need Written Consent of the Beneficiaries Before I Take My Executor Pay

Although it is theoretically possible to take the executor pay at the end of the case without written confirmation from the beneficiaries, it is almost unthinkable to do so in real-world practice because of the concern that the beneficiaries may challenge the amount at a later date. Obtaining a written waiver and consent from beneficiaries of a NY estate is a must before collecting executor pay in NY. It is standard practice to obtain beneficiaries’ consent not only on executor commissions but also on all aspects of an estate before the estate is settled.

Serving as an executor of a NY estate may require a great deal of time and expertise depending on the size of the estate and the type of assets.  Under NY SCPA 2307, an executor of an estate is entitled to receive compensation for their time and efforts in connection with the management of the estate assets and the distribution of the assets to the beneficiaries.

If you need to calculate executor payment in NY as per SCPA 2307, and other help in an estate, you can get in touch with New York estate attorney Albert Goodwin at info@nyestateslawyer.com or by calling (212) 233-1233.

If you want to know how much an executor gets paid in NY, here are the commission percentages:

• 5% of the first $100,000
• 4% of the next $200,000
• 3% the next $700,000
• 2.5% of the next $4 Million
• 2% of the rest of the value of the estate

This calculation instruction is written out in SCPA 2307.

If you would like a consultation with an attorney regarding how much does an executor get paid in NY, you can send us an email at attorneyalbertgoodwin@gmail.com or call us at 718-509-9774.

Here is our interactive calculator for how much is an executor paid in NY, for help with the math involved:

We hope the NY executor commission calculator has been helpful to you.

Executors of Estates in NY are not expected to carry out their responsibilities free of charge. They are usually entitled to compensation. This compensation is called “commissions.” The amount an executor is paid in NY is set by law, in SCPA 2307.

To calculate how much is an executor paid in NY, seek the advice of an estate attorney. The calculation can be trickier than people think.

Keep in mind that the statute requires that commission be split between receiving and paying out. The amount of the executor fees will be the same as above, but listing it will look different, as the “receiving” fee and “paying out” fee will be specified, each being half of the total executor commission calculated.

How much an executor is paid in NY is determined as a percentage of the estate

Actually using the percentages can be a bit confusing. Even though the NY executor commission calculator above does the math for you, you should still be able to double-check and do the math yourself.  Here is an additional explanation, which will help you understand how the calculation works:

• 5% of the first $100,000
• 4% of the next $200,000 (so $5,000 plus 4% of estate value up to $300,000)
• 3% the next $700,000 (so $5,000 plus $8,000 plus 3% of estate value up to $1 million)
• 2.5% of the next $4 Million (so $5,000 plus $8,000 plus $21,000 plus 2.5% of estate value up to $5 million)
• 2% of the rest (this is an estate that is worth more than $5 Million, so $5,000 plus $8,000 plus $21,000 plus $100,000 plus 2% of estate value over $5 Million)

The percentage is based on the value of the estate’s assets plus income derived from those assets. For example, interest received from property of the estate is included in when you calculate the executor commission, but the property itself may not be included because the executor is not involved in the property’s sale. This is sometimes counterintuitive, because the executor usually is involved in retitling the property from the decedent to the beneficiaries. As you can see, it is now always easy to determine which assets are included in the calculation, so an executor is well advised to consult with a NY estate attorney before taking their fees. It is likely that a preliminary account of the estate will be required when filing for a request for an advance commission.

The executor may be entitled to additional reasonable compensation in connection with property management (5% of gross rentals), litigation or tax matters or management of the decedent’s business matters.

What assets are not included when you calculate how much is an executor paid in NY

Assets passing outside of the estate or left to specifically named beneficiaries in a will are not included in the NY executor commission calculation.

Assets that pass outside of the estate are not includable in calculating how much is an executor paid in NY, also called “non-probate assets,” are not a part of the estate and the executor therefore is not involved in their distribution and cannot charge a commission for them. They include:

• accounts with named beneficiaries
• accounts held jointly with the person who died
• real estate owned jointly with the person who died
• life insurance policies payable to individual beneficiaries
• real estate given to specific beneficiaries is also not a part of the estate

Specific legacy or devise is not includable in commission calculation – the value of real property or personal property left to a specific person cannot be used as a basis of calculating executor commission. If there is a reason that this property has to be handled by the executor, for example sold and the proceeds distributed, then the property may be includable in commission calculation.

As a rule of thumb, property that the executor is not receiving and paying out is not included in calculating their commission.

How much is each executor paid in NY if there is more than one executor

• Estates Under $100,000 – For estates under $100,000, there is a “one commission rule” – one commission is split between all of the executors.
• Estates from $100,000 to $300,000 – For estates valued between $100,000 and $300,000, there is a “up to two commissions rule” – two commissions are split between all the executors.
• Estates at $300,000 and over – For estates valued at over $300,000, there is an “up to three commissions rule” – up to three fiduciaries can get separate fees, but if there are more than three fiduciaries, they divide three commissions.

Is executor pay in NY subject to income tax

Yes, typical NY executor fees are counted as income and are subject to income tax. On the other hand, the IRS and New York Department of Revenue give estate executors an option to not take commissions and not pay income tax. This may make sense for an executor who is the only beneficiary of an estate, or even for someone who is not the only beneficiary, in light of the income-tax savings. This is something that should be discussed with an estate attorney and a tax advisor.

Can an executor get an advance payment of fees

There is no automatic right to advance payment of commission – executors are usually paid at the conclusion of the estate, with our strong insistence that executors receive a waiver from the beneficiaries. However, New York SCPA 2310 and 2311 do authorize the executor to apply to the court for the advance payment of commissions, and will be able to take advance commissions if the judge issues an order allowing them to do so.

What is “receiving and paying out”?

SCPA 2307 states that when NY executor commission is calculated, the amount of the commission should be split in half and the first half is presented as fee for “receiving” the estate and the second half is presented as “paying out” the estate. Although this does not impact the amount of the fee that the executor receives, it does impact how the numbers are presented in the accounting document submitted to the court or to the interested parties. An estate attorney familiar with submitting estate accounting documents would know how those numbers should be presented correctly.

What if how much an executor is paid is specified in the will?

Some wills direct that the executor is to serve without compensation, but those wills are far and few in between. Even fewer wills specify how much is an executor paid in NY.  Typical executor commission is in accordance with SCPA 2307, but a will can change that default. So it’s always a good idea to double-check your will, because if the will does set the amount of compensation, the direction of the will overwrites the default executor commission rate set forth in SCPA 2307.

Do I need written consent of the beneficiaries before I take my executor pay

Although it is theoretically possible to take the executor pay at the end of the case without written confirmation from the beneficiaries, it is almost unthinkable to do so in real-world practice because of the concern that the beneficiaries may challenge the amount at a later date. Obtaining a written waiver and consent from beneficiaries of a NY estate is a must before collecting executor pay in NY. It is standard practice to obtain beneficiaries’ consent not only on executor commissions but also on all aspects of an estate before the estate is settled.

Serving as an executor of a NY estate may require a great deal of time and expertise depending on the size of the estate and the type of assets.  Under NY SCPA 2307, an executor of an estate is entitled to receive compensation for their time and efforts in connection with the management of the estate assets and the distribution of the assets to the beneficiaries.

If you need to calculate executor commission in NY as per SCPA 2307, and other help in an estate, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York, NY, Brooklyn, NY and Queens, NY. You can call us at 718-509-9774 or send us an email at attorneyalbertgoodwin@gmail.com.

Administrator fees in NY are calculated as follows:

•    5% of the first $100,000
•    4% of the next $200,000
•    3% the next $700,000
•    2.5% of the next $4 Million
•    2% of the rest of the value of the estate 

This calculation instruction is written out in SCPA 2307.

Here is our interactive administrator fee calculator for NY, for help with the math involved:

We hope the NY administrator fee calculator has been helpful to you.

Administrators of Estates in NY are not expected to carry out their responsibilities free of charge. They are usually entitled to compensation. This compensation is called “commissions.” The amount is set by law, in SCPA 2307.

To calculate the administrator fees in NY, seek the advice of an estate attorney. The calculation can be trickier than people think.

Keep in mind that the statute requires that commissions be split between receiving and paying out. The amount of the administrator fees will be the same as above, but listing it will look different, as the “receiving” fee and “paying out” fee will be specified, each being half of the total administrator fee calculated.

What Percentage of the Estate Does the Administrator Take as Their Fee in NY

Actually using the percentages can be a bit confusing. Even though the NY administrator fees calculator above does the math for you, you should still be able to double-check and do the math yourself.  Here is an additional explanation, which will help you understand how the calculation works:

•    5% of the first $100,000
•    4% of the next $200,000 (so $5,000 plus 4% of estate value up to $300,000)
•    3% the next $700,000 (so $5,000 plus $8,000 plus 3% of estate value up to $1 million)
•    2.5% of the next $4 Million (so $5,000 plus $8,000 plus $21,000 plus 2.5% of estate value up to $5 million)
•    2% of the rest (this is an estate that is worth more than $5 Million, so $5,000 plus $8,000 plus $21,000 plus $100,000 plus 2% of estate value over $5 Million)

The percentage is based on the value of the estate’s assets plus income derived from those assets. For example, interest received from property of the estate is included in when you calculate the administrator fees, but the property itself may not be included because the administrator is not involved in the property’s sale. This is sometimes counterintuitive because the administrator usually is involved in retitling the property from the decedent to the beneficiaries. As you can see, it is now always easy to determine which assets are included in the calculation, so an administrator is well advised to consult with an NY estate attorney before taking their fees. It is likely that a preliminary account of the estate will be required when filing for a request for advance commissions.

The administrator may be entitled to additional reasonable compensation in connection with property management (5% of gross rentals), litigation or tax matters or management of the decedent’s business matters.

What Assets Are Not Included When You Calculate Administrator Fees in NY

Assets passing outside of the estate or left to specifically named beneficiaries in a will are not included in the NY administrator fees calculation.

Assets that pass outside of the estate are not includable in calculating administrator fees in NY, also called “non-probate assets,” are not a part of the estate and the administrator, therefore, is not involved in their distribution and cannot charge commissions for them. They include:

• accounts with named beneficiaries
• accounts held jointly with the person who died
• real estate owned jointly with the person who died
• life insurance policies payable to individual beneficiaries
• real estate given to specific beneficiaries is also not a part of the estate

Specific legacy or devise is not includable in commission calculation – the value of the real property or personal property left to a specific person cannot be used as a basis of calculating administrator commissions. If there is a reason that this property has to be handled by the administrator, for example, sold and the proceeds distributed, then the property may be includable in commission calculation.

As a rule of thumb, property that the administrator is not receiving and paying out is not included in calculating their commission.

How Do I Allocate Administrator Fees in NY if there is More Than One Administrator

• Estates Under $100,000 – For estates under $100,000, there is a “one commission rule” – one commission is split between all of the administrators.
• Estates from $100,000 to $300,000 – For estates valued between $100,000 and $300,000, there is a “up to two commissions rule” – two commissions are split between all the administrators.
• Estates at $300,000 and over – For estates valued at over $300,000, there is an “up to three commissions rule” – up to three fiduciaries can get separate fees, but if there are more than three fiduciaries, they divide three commissions.

Are Administrator Fees in NY Subject to Income Tax

Yes, typical NY administrator fees are counted as income and are subject to income tax. On the other hand, the IRS and New York Department of Revenue give estate administrators an option to not take commissions and not pay income tax. This may make sense for an administrator who is the only beneficiary of an estate, or even for someone who is not the only beneficiary, in light of the income-tax savings. This is something that should be discussed with an estate attorney and a tax advisor.

Can an Administrator Get an Advance Payment of Commissions

There is no automatic right to advance payment of commissions – they are usually paid at the conclusion of the estate, with our strong insistence that administrators receive a waiver from the beneficiaries. However, New York SCPA 2310 and 2311 do authorize the administrator to apply to the court for the advance payment of commissions and will be able to take advance commissions if the judge issues an order allowing them to do so.

What is “Receiving and Paying Out”?

SCPA 2307 states that when NY administrator fees are calculated, the amount of the fee should be split in half and the first half is presented as fee for “receiving” the estate and the second half is presented as “paying out” the estate. Although this does not impact the amount of the fee that the administrator receives, it does impact how the numbers are presented in the accounting document submitted to the court or to the interested parties. An estate attorney familiar with submitting estate accounting documents would know how those numbers should be presented correctly.

Do I Need Written Consent of the Beneficiaries Before I Take My Administrator Fee

Although it is theoretically possible to take the administrator fee at the end of the case without a written confirmation from the beneficiaries, it is almost unthinkable to do so in real-world practice because of the concern that the beneficiaries may challenge the amount at a later date. Obtaining a written waiver and consent from beneficiaries of a NY estate is a must before collecting administrator Fees. It is standard practice to obtain beneficiaries’ consent not only on administrator commissions but also on all aspects of an estate before the estate is settled.

Serving as an administrator of a NY estate may require a great deal of time and expertise depending on the size of the estate and the type of assets.  Under NY SCPA 2307, an administrator of an estate is entitled to receive compensation for their time and efforts in connection with the management of the estate assets and the distribution of the assets to the beneficiaries.

If you need to calculate administrator fees in NY as per SCPA 2307, and other help in an estate, you can get in touch with New York estate attorney Albert Goodwin at info@nyestateslawyer.com or by calling (212) 233-1233.

(Updated  on 7/18/2019)

Administrator commission in NY is calculated as follows:

•    5% of the first $100,000
•    4% of the next $200,000
•    3% the next $700,000
•    2.5% of the next $4 Million
•    2% of the rest of the value of the estate 

This calculation instruction is written out in SCPA 2307.

Here is our interactive administrator commission calculator for NY, for help with the math involved:

We hope the NY administrator commission calculator has been helpful to you.

Administrators  of Estates in NY are not expected to carry out their responsibilities free of charge. They are usually entitled to compensation. This compensation is called “commissions.” The amount is set by law, in SCPA 2307.

To calculate administrator commission in NY, seek the advise of an estate attorney. The calculation can be trickier than people think.

Keep in mind that the statute requires that commission be split between receiving and paying out. The amount of the administrator fees will be the same as above, but listing it will look different, as the “receiving” fee and “paying out” fee will be specified, each being half of the total administrator commission calculated.

What Percentage of the Estate Does the Administrator Take as Their Commission in NY

Actually using the percentages can be a bit confusing. Even though the NY administrator commission calculator above does the math for you, you should still be able to double-check and do the math yourself.  Here is an additional explanation, which will help you understand how the calculation works:

•    5% of the first $100,000
•    4% of the next $200,000 (so $5,000 plus 4% of estate value up to $300,000)
•    3% the next $700,000 (so $5,000 plus $8,000 plus 3% of estate value up to $1 million)
•    2.5% of the next $4 Million (so $5,000 plus $8,000 plus $21,000 plus 2.5% of estate value up to $5 million)
•    2% of the rest (this is an estate that is worth more than $5 Million, so $5,000 plus $8,000 plus $21,000 plus $100,000 plus 2% of estate value over $5 Million)

The percentage is based on the value of the estate’s assets plus income derived from those assets. For example, interest received from property of the estate is included in when you calculate the administrator commission, but the property itself may not be included because the administrator is not involved in the property’s sale. This is sometimes counterintuitive, because the administrator usually is involved in retitling the property from the decedent to the beneficiaries. As you can see, it is now always easy to determine which assets are included in the calculation, so an administrator is well advised to consult with an NY estate attorney before taking their fees. It is likely that a preliminary account of the estate will be required when filing for a request for advance commission.

The administrator may be entitled to additional reasonable compensation in connection with property management (5% of gross rentals), litigation or tax matters or management of the decedent’s business matters.

What Assets Are Not Included When You Calculate Administrator Commission in NY

Assets passing outside of the estate or left to specifically named beneficiaries in a will are not included in the NY administrator commission calculation.

Assets that pass outside of the estate are not includable in calculating administrator commission in NY, also called “non-probate assets,” are not a part of the estate and the administrator therefore is not involved in their distribution and cannot charge commission for them. They include:

• accounts with named beneficiaries
• accounts held jointly with the person who died
• real estate owned jointly with the person who died
• life insurance policies payable to individual beneficiaries
• real estate given to specific beneficiaries is also not a part of the estate

Specific legacy or devise is not includable in commission calculation – the value of real property or personal property left to a specific person cannot be used as a basis of calculating administrator commission. If there is a reason that this property has to be handled by the administrator, for example sold and the proceeds distributed, then the property may be includable in commission calculation.

As a rule of thumb, property that the administrator is not receiving and paying out is not included in calculating their commission.

How Do I Allocate Administrator Fees in NY if there is More Than One Administrator

• Estates Under $100,000 – For estates under $100,000, there is a “one commission rule” – one commission is split between all of the administrators.
• Estates from $100,000 to $300,000 – For estates valued between $100,000 and $300,000, there is a “up to two commissions rule” – two commissions are split between all the administrators.
• Estates at $300,000 and over – For estates valued at over $300,000, there is a “up to three commissions rule” – up to three fiduciaries can get separate fees, but if there are more than three fiduciaries, they divide three commissions.

Is Administrator Commission in NY Subject to Income Tax

Yes, typical NY administrator fees are counted as income and are subject to income tax. On the other hand, the IRS and New York Department of Revenue give estate administrator an option to not take commissions and not pay income tax. This may make sense for an administrator who is the only beneficiary of an estate, or even for someone who is not the only beneficiary, in light of the income-tax savings. This is something that should be discussed with an estate attorney and a tax advisor.

Can an Administrator Get an Advance Payment of Fees

There is no automatic right to advance payment of commission – administrators are usually paid at the conclusion of the estate, with our strong insistence that administrators receive a waiver from the beneficiaries. However, New York SCPA 2310 and 2311 do authorize the administrator to apply to the court for the advance payment of commissions, and will be able to take advance commissions if the judge issues an order allowing them to do so.

What is “Receiving and Paying Out”?

SCPA 2307 states that when NY estate administrator commission is calculated, the amount of the commission should be split in half and the first half is presented as fee for “receiving” the estate and the second half is presented as “paying out” the estate. Although this does not impact the amount of the fee that the administrator receives, it does impact how the numbers are presented in the accounting document submitted to the court or to the interested parties. An estate attorney familiar with submitting estate accounting documents would know how those numbers should be presented correctly.

Do I Need Written Consent of the Beneficiaries Before I Take My Administrator Commission

Although it is theoretically possible to take the administrator fee at the end of the case without a written confirmation from the beneficiaries, it is almost unthinkable to do so in real world practice because of the concern that the beneficiaries may challenge the amount at a later date. Obtaining a written waiver and consent from beneficiaries of a NY estate is a must before collecting administrator commission. It is standard practice to obtain beneficiaries consent not only on administrator commissions but also on all aspects of an estate before the estate is settled.

Serving as an administrator of a NY estate may require a great deal of time and expertise depending on the size of the estate and the type of assets.  Under NY SCPA 2307, an administrator of an estate is entitled to receive compensation for their time and efforts in connection with the management of the estate assets and the distribution of the assets to the beneficiaries.

If you need to calculate administrator commission in NY as per SCPA 2307, and other help in an estate, you can get in touch with New York estate attorney Albert Goodwin at info@nyestateslawyer.com or by calling (212) 233-1233.

(Updated  on 7/18/2019)

Executor commission in NY is calculated as follows:

•    5% of the first $100,000
•    4% of the next $200,000
•    3% the next $700,000
•    2.5% of the next $4 Million
•    2% of the rest of the value of the estate 

This calculation instruction is written out in SCPA 2307.

Here is our interactive executor commission calculator for NY, for help with the math involved:

We hope the NY executor commission calculator has been helpful to you.

Executors of Estates in NY are not expected to carry out their responsibilities free of charge. They are usually entitled to compensation. This compensation is called “commissions.” The amount is set by law, in SCPA 2307.

To calculate executor commission in NY, seek the advice of an estate attorney. The calculation can be trickier than people think.

Keep in mind that the statute requires that commission be split between receiving and paying out. The amount of the executor fees will be the same as above, but listing it will look different, as the “receiving” fee and “paying out” fee will be specified, each being half of the total executor commission calculated.

What Percentage of the Estate Does the Executor Take as Their Commission in NY

Actually using the percentages can be a bit confusing. Even though the NY executor commission calculator above does the math for you, you should still be able to double-check and do the math yourself.  Here is an additional explanation, which will help you understand how the calculation works:

•    5% of the first $100,000
•    4% of the next $200,000 (so $5,000 plus 4% of estate value up to $300,000)
•    3% the next $700,000 (so $5,000 plus $8,000 plus 3% of estate value up to $1 million)
•    2.5% of the next $4 Million (so $5,000 plus $8,000 plus $21,000 plus 2.5% of estate value up to $5 million)
•    2% of the rest (this is an estate that is worth more than $5 Million, so $5,000 plus $8,000 plus $21,000 plus $100,000 plus 2% of estate value over $5 Million)

The percentage is based on the value of the estate’s assets plus income derived from those assets. For example, interest received from property of the estate is included in when you calculate the executor commission, but the property itself may not be included because the executor is not involved in the property’s sale. This is sometimes counterintuitive because the executor usually is involved in retitling the property from the decedent to the beneficiaries. As you can see, it is now always easy to determine which assets are included in the calculation, so an executor is well advised to consult with an NY estate attorney before taking their fees. It is likely that a preliminary account of the estate will be required when filing for a request for advance commission.

The executor may be entitled to additional reasonable compensation in connection with property management (5% of gross rentals), litigation or tax matters or management of the decedent’s business matters.

What Assets Are Not Included When You Calculate Executor Commission in NY

Assets passing outside of the estate or left to specifically named beneficiaries in a will are not included in the NY executor commission calculation.

Assets that pass outside of the estate are not includable in calculating executor commission in NY, also called “non-probate assets,” are not a part of the estate and the executor, therefore, is not involved in their distribution and cannot charge a commission for them. They include:

• accounts with named beneficiaries
• accounts held jointly with the person who died
• real estate owned jointly with the person who died
• life insurance policies payable to individual beneficiaries
• real estate given to specific beneficiaries is also not a part of the estate

Specific legacy or devise is not includable in commission calculation – the value of real property or personal property left to a specific person cannot be used as a basis of calculating executor commission. If there is a reason that this property has to be handled by the executor, for example, sold and the proceeds distributed, then the property may be includable in commission calculation.

As a rule of thumb, property that the executor is not receiving and paying out is not included in calculating their commission.

How Do I Allocate Executor Fees in NY if there is More Than One Executor

• Estates Under $100,000 – For estates under $100,000, there is a “one commission rule” – one commission is split between all of the executors.
• Estates from $100,000 to $300,000 – For estates valued between $100,000 and $300,000, there is a “up to two commissions rule” – two commissions are split between all the executors.
• Estates at $300,000 and over – For estates valued at over $300,000, there is a “up to three commissions rule” – up to three fiduciaries can get separate fees, but if there are more than three fiduciaries, they divide three commissions.

Is the Executor Commission in NY Subject to Income Tax

Yes, typical NY executor fees are counted as income and are subject to income tax. On the other hand, the IRS and New York Department of Revenue give estate executors an option to not take commissions and not pay income tax. This may make sense for an executor who is the only beneficiary of an estate, or even for someone who is not the only beneficiary, in light of the income-tax savings. This is something that should be discussed with an estate attorney and a tax advisor.

Can an Executor Get an Advance Payment of Fees

There is no automatic right to advance payment of commission – executors are usually paid at the conclusion of the estate, with our strong insistence that executors receive a waiver from the beneficiaries. However, New York SCPA 2310 and 2311 do authorize the executor to apply to the court for the advance payment of commissions and will be able to take advance commissions if the judge issues an order allowing them to do so.

What is “Receiving and Paying Out”?

SCPA 2307 states that when NY executor commission is calculated, the amount of the commission should be split in half and the first half is presented as fee for “receiving” the estate and the second half is presented as “paying out” the estate. Although this does not impact the amount of the fee that the executor receives, it does impact how the numbers are presented in the accounting document submitted to the court or to the interested parties. An estate attorney familiar with submitting estate accounting documents would know how those numbers should be presented correctly.

What if the Executor Fee Specified in the Will is Different from the Default Compensation Set Forth by NY Law?

Some wills direct that the executor is to serve without compensation, but those wills are far and few in between. Even fewer wills specify the amount or the percentages of the executor commission.  Typical executor commission is in accordance with SCPA 2307, but a will can change that default. So it’s always a good idea to double-check your will, because if the will does set the amount of compensation, the direction of the will overwrites the default executor commission rate set forth in SCPA 2307.

Do I Need Written Consent of the Beneficiaries Before I Take My Executor Commission

Although it is theoretically possible to take the executor fee at the end of the case without a written confirmation from the beneficiaries, it is almost unthinkable to do so in real-world practice because of the concern that the beneficiaries may challenge the amount at a later date. Obtaining a written waiver and consent from beneficiaries of a NY estate is a must before collecting executor commission. It is standard practice to obtain beneficiaries’ consent not only on executor commissions but also on all aspects of an estate before the estate is settled.

Serving as an executor of a NY estate may require a great deal of time and expertise depending on the size of the estate and the type of assets.  Under NY SCPA 2307, an executor of an estate is entitled to receive compensation for their time and efforts in connection with the management of the estate assets and the distribution of the assets to the beneficiaries.

If you need to calculate executor commission in NY as per SCPA 2307, and other help in an estate, you can get in touch with New York estate attorney Albert Goodwin at info@nyestateslawyer.com or by calling (212) 233-1233.

(Updated  on 7/18/2019)

Executor fees in NY are calculated as follows:

• 5% of the first $100,000
• 4% of the next $200,000
• 3% the next $700,000
• 2.5% of the next $4 Million
• 2% of the rest of the value of the estate

This calculation instruction is written out in SCPA 2307.

Here is our interactive executor fee calculator for NY, for help with the math involved:

We hope the NY executor fee calculator has been helpful to you.

Executors of Estates in NY are not expected to carry out their responsibilities free of charge. They are usually entitled to compensation. This compensation is called “commissions.” The amount is set by law, in SCPA 2307.

To calculate the executor fees in NY, seek the advice of an estate attorney. The calculation can be trickier than people think.

Keep in mind that the statute requires that commissions be split between receiving and paying out. The amount of the executor fees will be the same as above, but listing it will look different, as the “receiving” fee and “paying out” fee will be specified, each being half of the total executor fee calculated.

What percentage of the estate does the executor take as their fee in NY

Actually using the percentages can be a bit confusing. Even though the NY executor fees calculator above does the math for you, you should still be able to double-check and do the math yourself.  Here is an additional explanation, which will help you understand how the calculation works:

• 5% of the first $100,000
• 4% of the next $200,000 (so $5,000 plus 4% of estate value up to $300,000)
• 3% the next $700,000 (so $5,000 plus $8,000 plus 3% of estate value up to $1 million)
• 2.5% of the next $4 Million (so $5,000 plus $8,000 plus $21,000 plus 2.5% of estate value up to $5 million)
• 2% of the rest (this is an estate that is worth more than $5 Million, so $5,000 plus $8,000 plus $21,000 plus $100,000 plus 2% of estate value over $5 Million)

The percentage is based on the value of the estate’s assets plus income derived from those assets. For example, interest received from property of the estate is included in when you calculate the executor fees, but the property itself may not be included because the executor is not involved in the property’s sale. This is sometimes counterintuitive, because the executor usually is involved in retitling the property from the decedent to the beneficiaries. As you can see, it is now always easy to determine which assets are included in the calculation, so an executor is well advised to consult with a NY estate attorney before taking their fees. It is likely that a preliminary account of the estate will be required when filing for a request for advance commissions.

The executor may be entitled to additional reasonable compensation in connection with property management (5% of gross rentals), litigation or tax matters or management of the decedent’s business matters.

What Assets Are Not Included When You Calculate Executor Fees in NY

Assets passing outside of the estate or left to specifically named beneficiaries in a will are not included in the NY executor fees calculation.

Assets that pass outside of the estate are not includable in calculating executor fees in NY, also called “non-probate assets,” are not a part of the estate and the executor, therefore, is not involved in their distribution and cannot charge commissions for them. They include:

• accounts with named beneficiaries
• accounts held jointly with the person who died
• real estate owned jointly with the person who died
• life insurance policies payable to individual beneficiaries
• real estate given to specific beneficiaries is also not a part of the estate

Specific legacy or devise is not includable in commission calculation – the value of real property or personal property left to a specific person cannot be used as a basis of calculating executor commissions. If there is a reason that this property has to be handled by the executor, for example sold and the proceeds distributed, then the property may be includable in commission calculation.

As a rule of thumb, property that the executor is not receiving and paying out is not included in calculating their commission.

How do I allocate executor fees in NY if there is more than one executor

• Estates Under $100,000 – For estates under $100,000, there is a “one commission rule” – one commission is split between all of the executors.
• Estates from $100,000 to $300,000 – For estates valued between $100,000 and $300,000, there is a “up to two commissions rule” – two commissions are split between all the executors.
• Estates at $300,000 and over – For estates valued at over $300,000, there is an “up to three commissions rule” – up to three fiduciaries can get separate fees, but if there are more than three fiduciaries, they divide three commissions.

Are executor fees in NY subject to income tax

Yes, typical NY executor fees are counted as income and are subject to income tax. On the other hand, the IRS and New York Department of Revenue give estate executors an option to not take commissions and not pay income tax. This may make sense for an executor who is the only beneficiary of an estate, or even for someone who is not the only beneficiary, in light of the income-tax savings. This is something that should be discussed with an estate attorney and a tax advisor.

Can an executor get an advance payment of commissions

There is no automatic right to advance payment of commissions – they are usually paid at the conclusion of the estate, with our strong insistence that executors receive a waiver from the beneficiaries. However, New York SCPA 2310 and 2311 do authorize the executor to apply to the court for the advance payment of commissions, and will be able to take advance commissions if the judge issues an order allowing them to do so.

What is “receiving and paying out”?

SCPA 2307 states that when NY executor fees are calculated, the amount of the fee should be split in half and the first half is presented as fee for “receiving” the estate and the second half is presented as “paying out” the estate. Although this does not impact the amount of the fee that the executor receives, it does impact how the numbers are presented in the accounting document submitted to the court or to the interested parties. An estate attorney familiar with submitting estate accounting documents would know how those numbers should be presented correctly.

What if the executor fees specified in the will is different from the default compensation set forth by NY law?

Some wills direct that the executor is to serve without compensation, but those wills are far and few in between. Even fewer wills specify the amount or the percentages of the executor commissions.  Typical executor fees are in accordance with SCPA 2307, but a will can change that default. So it’s always a good idea to double-check your will, because if the will does set the amount of compensation, the direction of the will overwrites the default executor commission rate set forth in SCPA 2307.

Do I need written consent of the beneficiaries before I take my executor fee

Although it is theoretically possible to take the executor fee at the end of the case without a written confirmation from the beneficiaries, it is almost unthinkable to do so in real-world practice because of the concern that the beneficiaries may challenge the amount at a later date. Obtaining a written waiver and consent from beneficiaries of a NY estate is a must before collecting executor Fees. It is standard practice to obtain beneficiaries’ consent not only on executor commissions but also on all aspects of an estate before the estate is settled.

Serving as an executor of a NY estate may require a great deal of time and expertise depending on the size of the estate and the type of assets.  Under NY SCPA 2307, an executor of an estate is entitled to receive compensation for their time and efforts in connection with the management of the estate assets and the distribution of the assets to the beneficiaries.

If you need to calculate executor fees in NY as per SCPA 2307, and other help in an estate, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York, NY, Brooklyn, NY and Queens, NY. You can call us at 718-509-9774 or send us an email at attorneyalbertgoodwin@gmail.com.

(Updated  on 7/18/2019)

New York trustee fees are based on commissions – they are not done on a flat basis. The trustee gets two kinds of fees: annual fees and paying out fees.

If you need an attorney to calculate trustee commissions, we at the Law Offices of Albert Goodwin are here for you. You can call us at 718-509-9774 or send us an email at attorneyalbertgoodwin@gmail.com.

The Annual Fees

A trustee gets yearly commissions for managing the trust. When it comes to annual commissions, a specific amount is provided by law. The amount varies with the size of the trust. The payout schedule of NY trustee fees is as follows:

• $10.50 per $1,000 of the first $400,000 of the principal of the trust
• $4.50 per $1,000 of the next $600,000 of the principal, and
• $3.00 per $1,000 of the rest of the trust

Here is our calculator to assist with the math:

New York trustee fees are not always easy to calculate. Acting on trustee commissions without an estate attorney can lead to undesirable results. This page provides some basic rules on trustee commissions, but it is not recommended to take legal action based on a website.

The Fees for Paying Out

For any money paid out of the trust, the trustee gets a paying-out commission in the amount of one percent (1%).

Are NY Trustee Fees Payable Annually?

A trustee is entitled to annual fees. The trustee can elect to take their fee payouts either at the beginning or at the end of the year. The trustee can also elect either a calendar or fiscal year, or any 12 month period. But only once a year.

Payment of the commission is paid out partially by the income and partially by the principal of the trust. That’s the law.

Besides the annual payout, there is also a commission-based fee that is paid to trustees for the money they pay out of the trust. The trustee is entitled to 1% of the amount that is being paid out from the trust. This amount is in addition to the annual commission that trustees collect.

What You Need to Know About Trustee Fees in New York

Acting as a trustee is a job that can take a lot of time and effort. Trustees are allowed to take commissions, as compensation for the time that they spend handling the trust. Having an understanding of how trust commissions work is an essential part of acting as a trustee, yet they can get complicated.

Calculating commissions incorrectly can end up getting a trustee into hot water if it ends up that he made a mistake in his favor. Whenever someone makes you a trustee, you should make sure that you have a New York estate attorney on your side to assist you in your duties to make sure that you do things in accordance with the law.

Allocating Commissions When There is More Than One Trustee

Trustee fees are further complicated when there is more than one trustee. The number of trustees makes a difference in how trust commissions are distributed. This, in turn, depends on the value of the trust.

• For trusts under $100,000, each trustee gets the full commission.
• For trusts that are $100,000-$400,000, if there are one or two trustees, then each trustee is entitled to the full commission, and in cases where there are more than two trustees, the commission is divided up amongst all of the trustees.
• For trusts worth more than $400,000, and there are one to three trustees, then each trustee is entitled to the full commission amount.  The commission is split up amongst all the trustees in cases where there is more than three.

Trustee Commissions for a Partial Year

Do you get annual commissions if you were a trustee for less than a year? How about if there is commissionable property is in the trust for less than a year? SCPA § 2309 (2), par. 2 allows the proportionate reduction of the annual commission if the period is less than 12 months.

Although there is no case law or precedent on this matter, SCPA § 2309 (2), par. 2 seems to expressly provide for a proportionate reduction of commissions if the applicable period is less than 12 months:

The computation shall be made on the basis of a 12-month period but the amount so computed payable to a trustee shall be proportionately reduced or increased for any payments made in partial distribution of the trust or the receipt of any additional property into the trust within such period and shall be proportionately reduced in any period for which such commissions are payable to the trustee if the period is less than 12 months.

Thus, there is legal basis to allow prorated annual commissions for a trustee who serves for less than a year or twelve (12) months. It is unclear, however, whether the prorating should be done on a per day or per month basis. As between the two, it is believed that the former method would lead to a more accurate prorating of the annual commission.

Trustee Commissions are Taxable Income

It’s important to remember that all trustee commissions are taxable income. If you are a beneficiary, it may make sense to waive commissions (if possible – ask your accountant), in order to save money on income taxes.

New York trustee commissions can be difficult to calculate. And if you have been appointed trustee, commissions are just one of the complicated matters that you will have to deal with as part of your duties. You are required to provide reports to the court every year, and you could get into legal trouble if it ended up that the trust commission is calculated incorrectly.

Having a New York estate attorney who is skilled in trust matters on your side is the best way to make sure that you fulfill your duties as trustee in the best way possible. We at the Law Offices of Albert Goodwin are here for you. We have offices in New York, NY, Brooklyn, NY and Queens, NY. You can call us at 718-509-9774 or send us an email at attorneyalbertgoodwin@gmail.com.

Property that is held jointly is excluded from New York probate and excluded as part of the value of the decedent’s estate for purposes of calculating executor commission fees and estate taxes, because it automatically passes outside the estate to the surviving owner.

So if a decedent and their spouse own real or personal property together jointly, the title to the property automatically passes to the spouse. If they had a joint bank account,  the funds would pass to the surviving surviving spouse after the decedent’s death.

The same holds true for a life insurance policy or pension fund with a named beneficiary and assets transferred to a trust. Therefore, the value of real or personal property that passes outside the estate is not subject to probate and would not be included when calculating executor commission fees.

If you wish to speak to a New York estate attorney, call the Law Offices of Albert Goodwin at (212) 233-1233.