New York Executors and Administrators have the obligation to settle a decedent’s estate. As discussed in previous posts in the New York Probate Lawyer Blog, an Executor is appointed when the decedent dies leaving a Last Will and Testament. An Administrator is appointed when there is no Will and a decedent dies intestate.
The powers of a fiduciary are provided for in a number of ways. New York Estates, Powers and Trusts Law Section 11-1.1 entitled “Fiduciaries’ Powers” sets forth the many statutory items that a fiduciary can perform such as investing estate property, collecting rent and paying all reasonable and proper expenses. In addition to the powers provided by the statute, where a decedent leaves a Will, such document can modify or expand the powers given to the fiduciary. Also, when the Court appoints a fiduciary, the appointment may provide a limitation or specification of the powers. In the case of an Executor, the letters testamentary that are issued by the Court after the Will is admitted to probate can provide a limitation that the fiduciary can collect only a certain amount of assets or perform only limited tasks. Similarly, letters of administration that are issued to an administrator can contain similar limitations.
During the course of estate settlement, a fiduciary is going to collect estate assets such as bank and brokerage accounts that were owned by the decedent. In order to obtain these funds for the estate, the bank or brokerage house typically requests that the fiduciary present a certified copy of the letter of appointment which shows that the fiduciary is authorized to act on behalf of the estate. In most cases upon the presentation of the letters and other supporting papers such as a copy of a death certificate and withdrawal forms, the decedent’s funds are then forwarded to the estate for deposit into an estate bank account.
Sometimes the collection of estate assets becomes more complicated and the person or institution holding the decedent’s funds does not cooperate with the fiduciary or turn over the decedent’s assets. In a recent case decided by Bronx Surrogate Nelida Malave-Gonzalez on January 27, 2014, entitled “Estate of Rose Hamilton” and reported in the New York Law Journal, Capital One Bank refused to cooperate with an administrator with regard to providing access to the decedent’s safe deposit box. Notwithstanding that the letters of administration issued to the administrator limited the collection of assets to $38,000.00, the Surrogate held that the fiduciary still had the authority to have access to the safe deposit box.
A Brooklyn Probate Attorney and a Queens Probate Attorney can assist a fiduciary with collecting a decedent’s assets and settling an estate. I have worked with many fiduciaries throughout New York to help with the administration process.
New York Trusts and Estates Attorney Jules Martin Haas, Esq. has been representing clients in New York Trusts and Estates matters and Surrogate’s Court proceedings throughout the past 30 years in New York, including Queens and Nassau Counties. If you or someone you know is involved with or has questions about a New York Estate, please contact me at (212) 355-2575 or email: email@example.com, for an initial consultation.
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