Title: Executor Duties and Responsibilities in New York
1Executor Duties and Responsibilities
In New York State
2Creating Your Estate Plan
3You will be required to make numerous important
decisions when you create a comprehensive estate
plan
4Most decisions involve your estate assets directly
5One decision that does not, yet affects the
overall success of your estate plan, is the
appointment of an executor
6Why Is an Executor Needed?
7Assets left behind when you die must go through
the probate process
8Probate has two purposes
9Your executor is responsible for overseeing the
probate process
10Opening Probate
111
Executor must secure estate assets
122
Decide if formal probate is required
133
Executor must open probate with court by filing
legal documents along with certified death
certificate and original Last Will and Testament
144
Estate planning attorney will likely be retained
but executor is ultimately responsible for the
probate of your estate
15Accounting for Estate Assets
16Once probate has been opened, your executor must
17Once probate has been opened, your executor must
18Once probate has been opened, your executor must
19Once probate has been opened, your executor must
20Notifying Creditors
21Known creditors must be personally notified
22Unknown creditors are notified by publication
23Creditors then have a specified period of time
to file claims
24Reviewing Creditor Claims
25Executor must review claims and approve or deny
26Approved claims are paid with estate assets
27If sufficient liquid assets are not available to
pay claims executor may have to decide which
assets to sell to satisfy claims
28If a claim is denied and the creditor appeals to
court the executor must defend the estate in
litigation
29Will Contest
30If a challenge to the estate is filed (Will
Contest) the executor must defend the estate
throughout the ensuing litigation
31Day to Day Responsibilities
32Along with all of the legal duties and
responsibilities that your executor has
throughout the probate process
33your executor is also responsible for the day to
day management of estate assets until such time
as they are legally transferred to the intended
beneficiaries
Along with all of the legal duties and
responsibilities that your executor has
throughout the probate process
34For example, if you owned real property your
executor is responsible for the upkeep and
maintenance until the termination of probate
35Taxes
36Before the probate process can be concluded your
executor must make sure that both personal income
taxes and estate taxes have been prepared, filed,
and paid
37Transferring Assets
38Once the court is satisfied that everything is in
order at the end of the probate process your
executor must prepare all of the legal paperwork
necessary to transfer ownership of the remaining
assets to the intended beneficiaries
39Learn More About Supplemental Needs Trust in New
York
Learn More About Executor Duties and
Responsibilities In New York State
40Law Offices of Barton P. Levine
www.bartonlevine.com
(888) 268-4425