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What is the executor's commission percentage in New York and Florida?

What is the executor's commission percentage in New York and Florida?

Q: What percentage does executor of estate get in NY?

In New York, the executor's commission is based on the sums received and paid out from the estate. The rates are 5% for the first $100,000, 4% for the next $200,000, 3% for the next $700,000, 2.5% for the next $4 million, and 2% for amounts over $5 million.

Q: Does the executor of a will get everything?

No, the executor does not inherit everything. Their role is to administer the estate according to the will. The executor may receive a commission for their services, but the assets are distributed to the beneficiaries as outlined in the will.

Q: How powerful is the executor of a will?

The executor has significant authority to manage the estate, including paying debts, filing taxes, and distributing assets. However, their powers are limited to what is outlined in the will and state laws. They must act in the best interest of the beneficiaries and follow legal requirements.

Q: Does the executor of a will inherit everything?

No, the executor does not automatically inherit everything. Their role is to execute the will and manage the estate. Any inheritance depends on the terms of the will. If the will specifies that the executor is also a beneficiary, they may inherit a portion of the estate.

Full question:

What percentage of the assets would an executor of a will get in New York and Florida?

Category: Wills and Estates
Subcategory: Executors and Administrators
Date: 04/07/2025
State: New York

Answer:

In Florida, an executor (personal representative) is entitled to a commission based on the estate's value, without needing court approval. The commission rates are as follows:

3 percent for the first $1 million
2.5 percent for amounts over $1 million and up to $5 million
2 percent for amounts over $5 million and up to $10 million
1.5 percent for amounts over $10 million

Additionally, the executor may receive extra compensation for extraordinary services, such as selling property or handling litigation.

In New York, the commission for executors is determined by the court and is based on the sums received and paid out. The rates are as follows:

5 percent for the first $100,000
4 percent for the next $200,000
3 percent for the next $700,000
2.5 percent for the next $4 million
2 percent for amounts over $5 million

In both states, if the will specifies a different compensation structure, the executor must follow those terms. Executors may also be entitled to reasonable expenses and legal fees if applicable.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Can the executor take all the money?

No, an executor cannot take all the money from an estate. Their role is to manage and distribute the estate according to the will and state laws. Executors are entitled to a commission based on the estate's value, but they must also pay debts, taxes, and distribute assets to beneficiaries as specified in the will.