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An executor in New Jersey receives compensation in the form of commissions on the date of death value of the estate and on the income earned by estate assets after the date of death. The rates are: 5% on the first $200,000.; 3.5% on the next 800,000; 2% on the excess over $1,000,000. A court may adjust these percentages somewhat depending on what is defined as the "pains, trouble and risk" the executor is put to in order to handle the estate. In addition, executors get 6% of all income earned by the estate assets. Income includes all post-death dividends from stock, interest on bank accounts and rents from real property, if any. Executors can also get reimbursed for legitimate expenses, but may not charge by the hour for the work that is done.
Wiki User
∙ 15y ago
Wiki User
∙ 15y agoThe estate's attorney's fees in NJ are not fixed in terms of percentages the way executors' and administrators' commissions are. An attorney usually charges by the hour according to work done in helping the executor. Sometimes attorneys and executors agree on a flat fee for the attorney's services. In the end though the attorney's fees have to be reasonable considering the work that had to be done. If beneficiaries believe the fees charged are unreasonable, they can challenge them.
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What is the Power of attorney estate fee in Ontario?
There is a bit of a cross up in terminology here. A power of attorney expires on the death of the grantor or subject. An executor would get an estate fee.
Is executor's fee in New Jersey before the settlement of claims against the estate or after?
It is a debt against the estate. It cannot be resolved once the estate is closed. The executor must have the courts permission to collect their bill.
What is the typical real estate attorney's fee for a residential closing?
Five to seven percent.
What if the property is claimed insolvent and their is no estate to pay the lawyer but he wants to charge a fee still?
You need to review any documents you signed when you hired the attorney to probate the estate. You may have agreed to pay the fee.
What fee can an executor of an estate charge in NM?
what is a reasonable executor fee in new mexico
What is an attorney's fee?
An attorney's fee is a fee charged by an attorney for work done in relation to a lawsuit or other work done by an attorney.
In Connecticut can an executor ignore requests by the heir for an estate accounting and to communicate when real estate is to be sold?
If you have questions you should call the attorney who is handling the estate. The attorney is being paid a generous fee to handle the estate and should be willing to answer any questions from the beneficiaries and explain the legal timetables for sale of real estate and filing the final account.
Are Power of Attorney Expenses allowed in NY state?
Although you can charge a fee to an estate for acting as its Executor - I am not aware of it being customary to charge a fee for acting as someones Power of Attorney, unless that fee arrangement was stipulated in some agreement what was made between yourself and the person you hold the POA for.
What is the average interior design fee per sq ft for restaurant design in New Jersey?
703.43 dollars new jersey north, 804.33 dollars new jersey south
If you are admimister of an estate do you have to pay taxes on money that is left to you?
No. The estate is responsible for any estate taxes. However, if your bequest involves a substantial amount of money you should seek professional advice. The attorney who is handling the estate should be able to advise you. If you get paid a fee for your services as the Administrator, that fee is treated as income and should be claimed on your tax return.
What is the typical hourly fee for a real estate lawyer in the State of Pennsylvania?
Attorney fees vary for real estate attornies in Pennsylvainia. However, you can expect to pay anywhere from $100 an hour upwards.
What is a nonrecoverable attorney fee for foreclosure?
A non-recoverable attorney fee in foreclosure is a fee for work performed by the attorney (usually the bank's attorney) that the bank has to pay for but cannot pass on to the mortgagor.
