Q: Can a executor of a NJ decedent's estate claim an executor fee in regard to the decedent's trust?
The decedent was a NJ resident. The estate consists mainly of some bank accounts (with no designated beneficiaries) and a sizable inter vivos trust. I figure the executor can certainly take an executor fee in regard to the bank accounts but can the executor of the decedent's estate also claim a fee regarding the handling and administration and distribution of the trust assets??? The executor of the decedent estate is the same person as the trustee of the trust and there are some provisions in the trust document regarding trustee fees. If the statutory exec fee for the estate is larger then the amount specified in the trust, can the executor/trustee claim the statutory executor fee on the trust? Thank you for your consideration.
A: You failed to specify three very important issues. The first is whether the trust was irrevocable. The second was whether the grantor (creator of the trust) was also a trustee. The third is whether it was funded or was it funded by a 'pour over' provision in the will. Depending on these factors, the answer maybe yes or no.
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