Responsibilities Of An Executor - Part 2

Once the original will has been located and the executor has determined that probate is necessary

, it will be the executor's job to pursue the probate filing. In a simple probate, For the People can assist with the paperwork and procedural work for petitioning Surrogate's Court. In New York State, the executor would file a Petition for Probate in the Surrogate's Court in the county where the decedent was a resident. For the People can assist with probates in Albany, Saratoga, Schenectady and

Rensselaer Counties in New York. The executor will then be issued Letters Testamentary by the Surrogate's Court, which will then allow them to act in an official capacity as executor for the estate.

If the decedent did not have a will, the administrator of their estate would be awarded Letters of Administration after they petitioned Surrogate's Court. For the People can assist with probate filings for Letters of Administration, as well. The awarding of either Letters Testamentary or Letters of Administration should be within just a few weeks of filing the Petition for Probate in any well-run New York State Surrogate's Court.

The next step after the Letters are issued is for the executor or administrator to notify all beneficiaries named in the will and/or all other potential heirs under New York State law. The executor or administrator will also be charged with the responsibility to pay all valid debts and expenses of the estate before distributing any of the decedent's property. Should the executor fail to do this, the executor or beneficiaries could be held liable for any unpaid estate expenses.

The executor has a fiduciary responsibility to work in the best interest of the estate and the heirs. Some Surrogate's Court Judges in New York State will routinely ask that an executor or administrator obtain a bond before Letters of Administration or Letters of Testamentary will be issued. This would be to ensure that even if the executor or administrator of the estate was remiss in managing the estate's finances, the estate would be insured against any nefarious activities. The executor may also be required to file federal and/or state income tax returns for the decedent and the estate. The executor should contact an accountant for more information on income tax filings and also to determine if any estate or other taxes are owed on the decedent's assets before distribution to heirs.

For the People

133 Wolf Road

Albany, NY 12205

Forthepeopleny.com

(518) 435-9110

by: Project

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