One of the most essential aspects of every trust and estate is the fiduciary who is in charge of its affairs. The fiduciary may be an Executor, Administrator or Trustee depending upon the type of situation. However, in all cases the fiduciary has many powers and obligations.
Estates, Powers and Trusts Law (EPTL) Section 11-1.1 entitled “Fiduciaries’ powers” provides a list of the powers that fiduciaries can exercise. For example, an Executor may need to: (i) take control over property; (ii) open a bank account; (iii) sell property; (iv) defend a lawsuit; (v) or commence a legal proceeding to protect the interests of a Trust or Estate. The New York Probate Lawyer Blog has discussed many situations regarding fiduciaries’ powers. Continue reading