This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/Uy9_EvlFiFo While most people…
In New York, an executor is entitled to commissions for the services that he or she provided on behalf of the estate. It is important to review the terms of the decedent’s Will to see if there are any provisions regarding how the executor should be compensated. If there are no provisions regarding the executor’s compensation in the Will, then the executor will be compensated in accordance with New York’s Surrogate’s Court Procedure Act (SCPA) § 2307.
More Than One Executor
Some people like to nominate more than one executor to administer their estate. When there are multiple executors nominated in a Will and the Will is silent on how the executors should be compensated, we need to look at SCPA.
Pursuant to SCPA § 2307(5), the gross value of the estate determines the amount each executor is entitled to receive when there are multiple executors appointed, subject to SCPA § 2313. For example:
- If the gross value of the estate is less than $100,000, then the commissions allowed to one executor are to be apportioned to each executor according to the services rendered by them respectively.
- If the gross value of the estate is at least $100,000 but less than $300,000, then each executor is entitled to receive a full commission. However, if there are more than two executors appointed to administer the estate, then the commissions allowed to two executors are to be apportioned among each executor according to the services rendered by them respectively.
- If the gross value of the estate is $300,000.00 or more, each executor is entitled to the full compensation on principal and income allowed to a sole executor unless there are over three executors. However, if there are more than three executors, the compensation to which three executors would be entitled is to be apportioned among all the executors according to the services rendered by them respectively.
However, pursuant to SCPA § 2313, if a person dies after August 31, 1993 and nominates more than two executors in his or her Will, no more than two commissions shall be allowed unless the decedent specifically provided otherwise in his or her Will.
All of this can be complicated, but with the guidance of an experienced attorney, you can rest at ease knowing the executor(s) of your Will will be compensated accordingly.