The appointment of a fiduciary is essential for the administration of a decedent’s estate. Assets that were owned solely in a decedent’s name at death are not accessible unless the Court appoints a duly authorized representative. Such representative can be an administrator if the person dies intestate or an executor…
A New York estate is administered by an Executor or Administrator. An Executor is appointed when a Last Will is admitted to probate. The appointment of an administrator occurs in a case when the decedent dies intestate without leaving a Will. The job of the estate fiduciary encompasses many functions. …
The Surrogate’s Courts in New York appoint estate Executors and Administrators and Trustees. These appointments make the appointee a fiduciary. As a fiduciary, the person has many obligations and duties. Any failure on the part of an appointee may result in a breach of fiduciary duty. In general, a fiduciary…
All fiduciaries such as Trustees, Executors and Administrators must properly perform their duties. When there is a breach of fiduciary duty, a Court can suspend the fiduciaries’ powers or remove them from office. Revoking the appointment of a fiduciary is not easily accomplished. The Courts typically respect a person’s choice…
Did you know that a fiduciary in New York has certain duties and obligations. A fiduciary includes an Executor, Administrator and Trustee. These duties and obligations include the protection of estate assets and the payment of funds to the beneficiaries. When a fiduciary fails to act properly, he may be…
A fiduciary of an estate refers to an Executor or Administrator. The estate fiduciary can be removed if he breaches his fiduciary duty. The Surrogate’s Court Procedure Act (SCPA) contains a number of provisions concerning the circumstances in which a fiduciary can be removed. SCPA Section 711 entitled “Suspension, modification…
A person who is appointed as an estate Administrator or Executor is empowered to perform many tasks on behalf of a decedent’s estate. Generally, the fiduciary identifies and collects assets; resolves and pays the decedent’s debts and obligations; satisfies estate administration expenses such as estate and fiduciary income taxes; and…
Fiduciaries in New York are appointed to administer estates and trusts. With regard to an estate, the Surrogate’s Court appoints either an Executor or Administrator depending upon whether the decedent had a Last Will. When a Last Will exists, the document is offered for probate and the Court appoints an…
Estates and Trusts are administered by fiduciaries. The Surrogate’s Court Procedure Act (SCPA) section 103 (21) identifies persons that are fiduciaries and includes such office holders as Executors, Administrators and Trustees. Such persons are obligated to act in accordance with duties and responsibilities as set out in the New York…