3. New Jersey Trustee Commissions

Most people look at it as an honor to be appointed someone’s executor or trustee. But once they have the duties they soon find out that this is all work and little gratitude. Often the trustees and executors are blamed for any kind of issues or problems with the trust or estate, but if everything goes as planned no one really notices. The other thing is you are not really compensated for your time, the State of NJ has strict guidelines as to what you can receive as a trustee or executor. For Estates you have the following formula for the corpus: 5% of the first $200,000 3.5% of the next $800,000 2% of the excess over $1,000,000 In addition, you earn 6% on the earnings For Trusts use the following: .5% first $400,000 .3% for the excess When you calculate your time, you find that you are only earning seven or eight dollars an hour for all of your hard work. There is one little exception that few people do not realize. If you do provide extraordinary services to the estate or trust you may be able to go back to the court and request to be properly compensated for that.