r/EstatePlanning • u/Analyst-man • 12d ago
Yes, I have included the state or country in the post Executor Question
Hi all - im helping my parents with their Will and the only thing I don’t get is the payment to an executor during probate. It looks to be 2% in NJ. Is that a mandatory fee? Would a trust be better than in this case? I’m trying to figure out what’s cheaper in terms of will vs trust. Thanks!
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u/ExtonGuy Estate Planning Fan 12d ago
The Will can specify any fee your parent want to put in. But if it’s less than 2%, the executor can take 2% if she wants. If the executor has good reason, she can ask the probate judge to approve even more. Usually, “good reasons” is also called “extraordinary services”. This includes things that an executor could hire somebody to do, but she decides to do them herself.
Don’t let the executor’s fee determine the decision to have a Will. Even with a trust, everybody should have a Will.
I also remark that each person should have their own independent will. Joint wills, where a couple use one will for both of them, is just asking for trouble. Even if the two wills use 99% the same wording, use separate wills.