Are Executors of Wills Paid?
Are executors of wills paid?
Yes, executors are paid a sliding scale percentage of the total value of the estate.
This fee schedule is set by New York State Law and starts at 5%, but quickly slides down to 2%.
On average, our experience has been that it’s right around 3% of the total value of the estate.
Most people seem to agree that paying such a small percentage to receive over 97% of their estate hassle-free is well worth it.
If you’re thinking about naming somebody as an executor in your will now, while you’re doing your planning, don’t worry, there’s no fee or charge for naming somebody in your will now, they only get paid when they’ve actually performed their duties as an executor after you’ve passed away.
Hope you found this helpful, take care now.
[Previously posted on YouTube]