When is the executor entitled to take their executor fee in NJ?

An executor may take, on an annual basis, corpus commissions of one-fifth of 1% of the value of the estate. An executor may apply to the probate court for an allowance of more than that if the circumstances warrant it. Otherwise, the executor waits till the conclusion of administration of the estate. In practice, though, if the beneficiaries do not object, an executor sometimes takes more than that each year. The accumulated amount of the annual commissions taken, even with court approval, may not exceed the total amount the executor is allowed. Executors are also entitled to commissions on the income the estate produces. Unlike corpus commissions, income commissions may be taken in the full amount allowed as the income is earned.