Executor services are dependent on having a will which designates an individual as the executor. The executor gets paid based on the value of the estate per NYS mandate.
The Executor of the estate performs the following duties:
- Locates important documents (As a client, we have already documented this under the service “Important document location and organization.”)
- Requests copies of death certificates.
- Makes funeral arrangements (as a client, we may have already prepaid and documented exactly what you want for your funeral arrangements.)
- Calculates the value of the estate.
- Files the will in probate court if necessary (for estate’s less than $50,000, probate is not necessary, and an administrative filing can be completed. The $50,000 does not include any beneficiary designated accounts (investments, life insurance, retirement accounts).
- Sets up an estate bank account.
- Notifies organizations of the death (each has its own forms to fill out).
- Social Security Administration
- Veterans Association
- The State for registered assets
- Life Insurance carrier
- Employer / Volunteer Organization
- Credit Bureaus
- Credit Card companies
- Utilities, etc.
- Pays off debts.
- Manages and distribute assets in accordance with the will.
- Files a final tax return.
Documents needed to perform these services:
NYS Probate Petition:
Fees for executor services are set in NY as follows:
- 5% of the first $100,000
- 4% for the amount between $100,000 and $300,000
- 3% for the amount between $300,001 and $1 million
- 2.5% for the amount above $1 million to $4 million
- 2% for any extra above $4 million
Additional Information (for those that want to do it themselves) can be found at
NYCourts.GOV New York state Unified Court System. When Someone Dies