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Many states prohibit people who have felony convictions from serving as executor. In Indiana, you cannot name an executor who has been convicted of a felony under any federal or state law.
The executorâs compensation comes in the form of a commission, and in New Jersey, a statute establishes the amount of the commission. An executor is entitled to a 6% commission on any income that the estate earns. So, for instance, assume that the entire estate is worth $400,000. The executor has probated the Will, sold the assets of the estate (for example, sold the house, liquidated the brokerage account, etc.), set up an estate bank account, and deposited the $400,000 into the estate bank account.