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What you need to know about...
PROBATE and AVOIDING PROBATE
Q:
What is a probate proceeding and why is it necessary?
A:
COMING SOON
Q:
How can probate be avoided?
A:
COMING SOON
Q:
Why should I have a will if my estate plan avoids probate?
A:
COMING SOON
Q:
Do executors / administrators get paid for their service?
A:
[UNDER CONSTRUCTION]
Yes. All states allow a fiduciary to be paid for their service. ("Fiduciary" is the broad term for an executor or administrator, and also a trustee or guardian.) New York is quite unique in providing for a specific formula to calculate the commission.
[DESCRIBE FORMULA]
The result of all this is that the first $1M of value in the estate will typically generate a commission of about $32K; the second million will typically generate a commission of $19K. The amounts taper thereafter until reaching a steady amount of $---- for every million over $5M.