The phrase represents a tool designed to estimate the compensation an executor is legally entitled to receive for administering an estate in New York State. This tool typically employs the statutory rates established by New York Surrogate’s Court Procedure Act (SCPA) 2307, which outlines a tiered percentage-based system based on the estate’s size. For example, an estate valued at $500,000 would have its executor fee calculated based on specific percentages applied to different portions of that total.
Utilizing such a tool offers significant advantages to both executors and beneficiaries. It provides transparency and facilitates efficient estate planning by offering a preliminary understanding of potential administrative expenses. Furthermore, it can mitigate disputes regarding executor compensation by offering a clear benchmark based on established legal guidelines. The availability of these calculators streamlines the process, fostering accountability and reducing the likelihood of protracted legal disagreements often associated with estate settlements.