Executors and Administrators appointed by the Surrogate’s Court have many duties and responsibilities. New York Estate Lawyers who represent fiduciaries typically assist their clients in connection with determining and paying estate liabilities. These liabilities can be in the form of debts and claims owed by the decedent such as unpaid credit card bills, mortgages or other monetary obligations. Additionally, the decedent may have owed past due income taxes or taxes that are to become due relating to the decedent’s final income tax return.
Regardless of the nature of the debt or obligation, the estate fiduciary must find and pay the monies that are due or risk becoming personally liable if all estate assets are paid out before all creditors are satisfied. Continue reading →