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 Executor. In situations where a decedent dies intestate (without a Will) the Court appoints an estate Administrator.
With regard to Trusts, there are many different types of trusts. There can be inter vivos trusts that are generally created during a person’s lifetime. There are also testamentary trusts that are created pursuant to the terms or provisions in a Last Will. The Trustee supervises the administration of the trust according to the trust terms. Continue reading