New Jersey Executor and Probate Resource Center (NJEPRC) is an entity dedicated to reducing administrative burden and stress of estate Executors and Administrators through our suite of services.
NJERPC has compiled a list of trust and estate experts and professionals that can assist an executor or administrator from the opening of the probate process to the closing of the estate. Whether you just need an advisor or you would like assistance though out the whole process, NJEPRC can help.
New Jersey Executor and Probate Resource Center acts as a concierge for the executor or administrator, we have taken out the time to research for qualified vendors that you need to perform your fiduciary duties. No matter what the task we have professionals ready to help. Beside for our traditional services, listed below are a few examples, of tasks we have performed to provide a solution:
Let us know what you need and we can provide a solution.
The easy answer is “no”, you do not need to hire an attorney to perform the fiduciary duties of an Executor or Administrator.
As executor or administrator you have a fiduciary responsibility to protect the assets of the beneficiaries and to do your best to make the process goes smoothly. One small unintended mistake can bring the probate process to a stop and expose the executor or administrator to liability. If you are unfamiliar with the financial accounts, filing sometimes complex financial forms and probate deadlines it might not be a bad idea to retain the services of a professional.
The Executor or Administrator is required to collect and protect the assets of the estate, pay all the debts of the decedent and pay taxes due. Additionally the executor or administrator must make distributions to the beneficiaries and heirs mentioned in the Will and to provide an accounting of the administration for the estate.
An Executor or Administrator is entitled to corpus commissions of 5% of the first $200,000 of estate assets subject to administration, 3 1/2% on the excess over $200,000 up to $1,000,000 and 2% or such other percentage as the court may determine on the excess over $1,000,000.
If there is more than one executor or administrator, an additional 1% corpus commission may be allowed by the court for each additional executor or administrator.
In addition to corpus commissions, an Executor or Administrator is entitled to income commissions of 6% of income earned on estate corpus during the administration of the estate.