bonded administrator of estate nj
I know an executor can take 3.5% of the estate.What does an administrator get?
Re: bonded administrator of estate nj
An Administrator can charge the same income and principal commissions as an Executor. However, you are slightly mistaken about the percentage that can be charged. Here are the current rates: 6% on annual income, and corpus (principal) commissions which can only be charged on "probate" assets: 5% on the first $200,000, 3-1/2% on the next $800,000 and 2% on excess over $1,000,000. Probate assets are those covered by the Will and do not include assets passing by operation of law such as joinly-held assets with right of survivorship or those having a designated beneficiary, such as insurance policies, POD bank accounts, retirement accounts, etc. If there is more than "fiduciary", an extra 1% of the total assets can be taken.
