In New Jersey, a Personal Representative, also referred to as Executor (or Administrator if there is no will) is responsible for protecting the assets of the estate and for distributing estate assets according to the instructions of the will (or according to New Jersey law if there is no will) following payment of debts and taxes. In New Jersey, an Executor or Administrator receives a commission based on the value of the probate assets (or the assets received by the Administrator) plus a commission on the income earned by the estate.
An Executor or Administrator in New Jersey may take commissions of 5% of the first $200,000 in value of all probate assets (or the assets received by the Administrator), 3.5% on the excess over $200,000 up to $1,000,000, and 2% on the excess over $1,000,000. They may also take commissions of 6% on all income earned by the estate.
Getting Legal Help
Probate can be a simple process or it can be complicated and time-consuming. An experienced Estate Administration Attorney can help you get through the process. Experienced New Jersey Estate Administration Attorney Elga Goodman has helped many families through the Probate Process in New Jersey and she can help you protect your loved ones and your assets in the process. Contact us today at 973-841-5111.
Posted in: Estate Planning