Commissions for Executors and Trustees
Executor Commissions
Executors Commissions Pursuant to §2307 of the Surrogate’s Court Procedure Act:
5.00% on the first $ 100,000.00 of Estate Assets
4.00% on next $ 200,000.00 of Estate Assets
3.00% on next $ 700,000.00 of Estate Assets
2.5% on next $ 4,000,000.00 of Estate Assets
2% on any sums over $ 5,000,000.00 of Estate Assets
Example:
Gross Probate Estate value $1,500,00.00
5.00% on the first $ 100,000.00 = $ 5,000.00
4.00% on next $ 200,000.00 = $ 8,000.00
3.00% on next $ 700,000.00 = $21,000.00
2.5% on next $ 500,000.00 = $12,500.00
Total $1,500,000.00 = $46,500.00
Note:
Executor’s commissions are payable as one-half for receiving all sums (including income and capital gains) and one-half for paying out all sums (including expenses and final distributions). Paying and Receiving Commissions together equal one full commission.
Trustee Commissions
Trustee Commissions Pursuant to §2309 of the Surrogate’s Court Procedure Act:
Annual Commission Schedule:
$10.50 per $1,000 on first $400,000 of Principal
$ 4.50 per $1,000 on next $600,000 of Principal
$ 3.00 per $1,000 on any additional sums exceeding $1,000,000 of Principal
Example:
Value of Trust Principal as of 12/31/07 $1,500,000
$10.50 per $1,000 on first $400,000 = $4,200.00
$ 4.50 per $1,000 on next $600,000 = $2,700.00
$ 3.00 per $1,000 on next $500,000 = $1,500.00
Total Annual Commissions $8,400.00
Final Commissions:
1% of all sums paid out upon final distribution of the Trust
Notes:
Annual commissions are paid one-third out of income and two-thirds out of principal.
This Memorandum is based on current law and is for informational purposes only. It is important that you discuss all legal options and consequences with a qualified elder law attorney prior to any action. Should you wish to discuss your situation with us, please call (631) 424-2800 for a consultation. For additional Memoranda, please call or visit our website at www.elderlaw.pro.
