What Is the Responsibility of the Executor after the Will is Probated in New York?
The executor (or administrator if there is no will), typically under the guidance and direction of a lawyer, is personally responsible for the proper handling and settlement of the decedent’s estate. The executor or administrator is required to (among other things):
– Notify heirs-at-law and creditors of the probate proceedings.
– Take possession of, inventory, preserve and invest the probate assets of the deceased.
– Collect all income, such as rents, interest and dividends, demand and collect all debts, claims and notes due.
– Manage any business owned by the deceased.
– Determine the names, ages, residences and degrees of relationship of all the decedent’s heirs-atlaw.
– Complete any pending lawsuits in which the estate of the deceased has an interest.
– Determine, prepare returns for, and pay all state and federal estate and income taxes.
– Pay the valid claims of creditors of the deceased and, when necessary, sell property to raise funds to pay claims, taxes, and expenses of administration.
– Prepare an accounting of the estate assets for the interested parties of the estate which will be reviewed by the the beneficiaries before they release the executor and the estate distributions are made.
– Transfer title to all remaining assets to the decedent’s heirs or will beneficiaries.
More related articles
- How To Probate a Will in New York State
- What is New York Probate?
- What Property is Not Included in the New York Probate Process?
- How Long Does it Take to Complete New York Probate?
- Are Most Wills Admitted to New York Probate Without a Will Contest?
- What if the New York Decedent Left No Will?
- Can I Handle New York Probate on My Own?
- Is There an Advantage to Avoiding New York Probate?
- What Is the Responsibility of the Executor after the Will is Probated in New York?
- What Taxes are Involved in Administering the New York Estate?
Larry
Lawrence J. Peck, Esq.
Founder of the Estate Planning New York Group
Manhattan, New York City
P.S. Click here for access to the 26 Most Common Estate Planning Mistakes.
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