Executor of estate fees can vary based on state laws and the size of the estate. In New York State, for example, the executor’s fee is determined as a percentage of the total estate value:
- For an estate not exceeding $100,000, the fee is 5 percent.
- For an estate not exceeding $200,000, the fee is 4 percent.
- For an estate not exceeding $700,000, the fee is 3 percent.
- For an estate not exceeding $4 million, the fee is 2.5 percent.
- For sums exceeding $5 million, the fee is 2 percent.
It’s important to note that certain assets, such as proceeds from a life insurance policy and assets in a 401(k) plan, may not be considered when calculating the executor’s fee. The executor is typically paid after the estate’s bills are settled and before distribution to the beneficiaries. Additionally, the executor’s fee is taxable.
Working with an experienced estate attorney and realty group, like The Olear Team, can provide valuable guidance and support in navigating the complexities of executorship and estate settlement. If you have further questions or need assistance in this process, it’s recommended to consult with professionals who specialize in estate matters.