State law sets how much of a commission can be paid, and how.
generally, the executor can get a cut of all assets held by the estate as follows: 5% on the first $200,000 of all corpus received by the executor; 3.5% on the excess over $200,000 up to $1 million, and 2% on the excess over $1 million.
In your case, where a house is specifically bequeathed to a beneficiary, it does not come into the hands of the executor, said Catherine Romania, an estate planning attorney with Witman Stadtmauer in Florham Park. So the house will pass directly to the beneficiary, though the executor may be asked to execute the deed to the beneficiary on behalf of the estate, Romania said.are only allowed on real estate that is actually sold by the executor or administrator or which is expressly directed to be sold by the terms of the decedent’s will,” she said.
For those reasons, a commission is generally not calculated on the value of the real property specifically bequeathed but only on the remaining assets and, as such, absent direction in the will otherwise, it is also only paid from the remaining assets, she said. But if the other beneficiaries don’t love the idea that you won’t have to pay into the executor commission, beneficiaries can always agree to a different division, Romania said.
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