Section 5

COMPENSATION OF THE EXECUTOR AND ADMINISTRATOR

As compensation for performing duties on behalf of the estate, the Executor/ Administrator of the estate is entitled to "commissions" established by law. The commissions are paid out by the Executor/Administrator and based on the assets and income collected:

Generally specific assets gifted ("bequeathed") to a particular individual under a provision of a Will are not subject to commissions. The same applies to real estate which is specifically designated to a beneficiary ("devised") under the terms of a Will.

Real estate usually passes by operation of law to the heirs of a decedent who dies without a Will. If the real estate is not sold by the Administrator of the estate it is generally not subject to commissions.

An Executor/Administrator is entitled to 5% of the gross rents collected on real estate in addition to the commissions set forth above.

Unless the Last Will and Testament of the decedent provides otherwise no more than two commissions are allowed when multiple Executors serve.

In addition if an estate is less than $100,000 and has more than one Executor or Administrator, only one full commission is shared among them.

If the estate if valued at at least $100,000 but less than $300,000 each Executor/Administrator is entitled to a full commission but no more than two full commissions are payable. If there are more than two Executors/Administrators serving for the estate two full commissions are apportioned among the multiple individuals serving.

If the estate is valued at $300,000 or more, each Executor/Administrator is entitled to a full commission but no more than three full commissions are to be paid. Accordingly if there are more than three Executors or Administrators serving simultaneously, the three commissions are apportioned between the individuals serving. Additionally, as stated above, the commissions are limited unless there is a provision in the decedent's Last Will and Testament permitting the multiple commissions.

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Howard Garfinkel, Esq.

Lauterbach Garfinkel Damast & Hollander, LLP
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Suffern, New York 10901
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howardg@lgdhlaw.com