The executor of a New York estate is not expected to administer the estate for free. Instead, a New York executor is entitled to get paid a commission based on the size of the estate.
New York SCPA 2307 provides that the executor of an estate must be allowed and paid the following commissions for his or services as executor:
Value of Estate | Rate |
For receiving and paying out all sums of money not exceeding $100,000 | 5% |
For receiving and paying out any additional sums not exceeding $200,000 | 4% |
For receiving and paying out any additional sums not exceeding $700,000 | 3% |
For receiving and paying out any additional sums not exceeding $4,000,000 | 2.5% |
For receiving and paying out all sums above $5,000,000 | 2% |
Therefore, if the value of the estate subject to commissions is $1,000,000, the New York executor would be paid $34,000, calculated as follows:
$100,000 x 5% = 5,000
$200,000 x 4% = 8,000
$700,000 x 3% = 21,000
New York Executor Fee Calculator
How Do Multiple Executors Get Paid In New York?
If a New York estate has multiple executors, both executors are entitled to be paid commissions, although the calculation is slightly different.
If the New York estate is valued at less than $100,000, the commission allowed to be paid to a single executor is divided among all of the executors. The commission is divided according to the services rendered by them.
If the New York estate is valued between $100,000 and less than $300,000, then each executor is entitled to a full fee as would a single executor if there are only two executors. If there are more than two executors, then the fee allowed to two executors is divided amongst all of the executors according to the services rendered by them.
If the New York estate is valued at $300,000 or more, each executor is entitled to a full fee as would a single executor unless there are more than three executors. If there are more than three executors, then the fee allowed to be paid to three executors is divided amongst all of the executors according to the services rendered by them.
This rule is also found in New York SCPA 2307.
How Are Corporate Estate Executor’s Paid In New York?
The commissions paid to a corporate executor for administering a New York estate can be different than an individual executor. The commissions may be based on a fee set forth in the decedent’s will or based on the corporation’s fee schedule. Section 2307(1)(f) of the SCPA states:
If the will makes provisions for specific rates or amounts of commissions for a corporate executor, or, if a corporate executor has agreed to accept specific rates or amounts of commissions, or, if the will provides that a corporate executor shall receive commissions as provided or stipulated in the corporate executor’s published schedule of fees in effect at such time or times such commissions become payable, including a stipulated minimum commission and asset base for calculating such commissions, a corporate executor shall be entitled to be compensated in accordance with such provisions, agreement or schedule, as the case may be, even though such provisions, agreement or schedule are not executed in accordance with the provisions required for wills and are not attested as required for the recording of deeds in this state.
Such commission shall be computed separately for receiving and for paying out sums of money, at one-half the statutory rates for receiving and at one-half the statutory rates for paying out sums of money.
What Assets Are Included In Calculating Executor Commissions In New York?
Not every asset owned by a New York decedent is a part of the commission based used to calculate the fees paid to an executor. Only probate assets are used to calculate the executor commissions. Non-probate assets are not included in the calculation of the fee paid to the New York executor. See the Probate and Non-Probate Assets Chart.
Specific devises are excluded from the calculation of executor commissions. Therefore, if a New York testator left a specific item of property to someone in their will, the value is not included in the calculation of the executor commission.
A New York Probate lawyer will be able to calculate the commissions to be paid to the executor based on the value of the estate.
