Executors and Administrators in New York have many fiduciary duties with respect to settling an estate. Most estate fiduciaries are close family members or friends of a decedent. Typically, a person will nominate a person that they know and trust to be the Executor of their estate. Since the estate fiduciary rarely has experience in administering an estate, the Estate Lawyer is heavily relied upon to provide guidance and to implement the necessary procedures to protect the interests of the estate and the estate beneficiaries.
One of the primary duties to be performed by the fiduciary is to find and collect estate assets. The New York Probate Lawyer Blog has published earlier posts talking about this area of estate settlement. If an executor or administrator does not fulfill his obligations to safeguard assets, he may be found to have breached a fiduciary duty. Continue reading