When home is left to sibling in Will, does the executor get a commission on it even though it doesn’t need to be sold to pay expenses?
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When home is left to sibling in Will, does the executor get a commission on it even though it doesn’t need to be sold to pay expenses?
Asked on April 20, 2012 under Estate Planning, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Commissions are based upon the size of the decedent's gross estate - that means the entire estate. Selling the estate assets has nothing to do with the commission. In New Jersey, an Executor is entitled to commissions based upon the size of the estate. The commissions are 5% of the first $200,000, 3.5% of the next $800,000 and 2% on the amount greater than $1 million. Good luck.
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