Understanding The Executor Fee Structure In New York State

Understanding the financial implications of being an executor is crucial for anyone in New York who may be considering this role.

According to New York State law, specifically the Surrogate's Court Procedure Act, Section 2307(f), executor fees are tiered depending on the total value of the estate being managed. Below is a breakdown:

• 5% on the first $100,000 in the estate,
• 4% on the next $200,000
• 3% on the next $700,000
• 2-1/2 % on the next $4,000,000
• 2% on any amount above $5,000,000

These rates serve as a financial framework for executors and potential estate trustees or administrators to plan accordingly. Keep in mind that these percentages are subject to change as per state legislation, so it's crucial to consult up-to-date legal documents or professionals in the field.