Executor Duties and Responsibilities in New York

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Executor Duties and Responsibilities
In New York State
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Creating Your Estate Plan
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You will be required to make numerous important
decisions when you create a comprehensive estate
plan
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Most decisions involve your estate assets directly
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One decision that does not, yet affects the
overall success of your estate plan, is the
appointment of an executor
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Why Is an Executor Needed?
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Assets left behind when you die must go through
the probate process
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Probate has two purposes
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Your executor is responsible for overseeing the
probate process
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Opening Probate
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1
Executor must secure estate assets
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2
Decide if formal probate is required
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Executor must open probate with court by filing
legal documents along with certified death
certificate and original Last Will and Testament
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Estate planning attorney will likely be retained
but executor is ultimately responsible for the
probate of your estate
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Accounting for Estate Assets
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Once probate has been opened, your executor must

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Once probate has been opened, your executor must

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Once probate has been opened, your executor must

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Once probate has been opened, your executor must
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Notifying Creditors
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Known creditors must be personally notified
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Unknown creditors are notified by publication
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Creditors then have a specified period of time
to file claims
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Reviewing Creditor Claims
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Executor must review claims and approve or deny
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Approved claims are paid with estate assets
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If sufficient liquid assets are not available to
pay claims executor may have to decide which
assets to sell to satisfy claims
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If a claim is denied and the creditor appeals to
court the executor must defend the estate in
litigation
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Will Contest
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If a challenge to the estate is filed (Will
Contest) the executor must defend the estate
throughout the ensuing litigation
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Day to Day Responsibilities
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Along with all of the legal duties and
responsibilities that your executor has
throughout the probate process
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your 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
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For example, if you owned real property your
executor is responsible for the upkeep and
maintenance until the termination of probate
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Taxes
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Before 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
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Transferring Assets
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Once 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
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Learn More About Supplemental Needs Trust in New
York
Learn More About Executor Duties and
Responsibilities In New York State
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Law Offices of Barton P. Levine
www.bartonlevine.com
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