Executor Duties in New York: What You Need to Know Before You Agree
Executor Duties in New York: What You Need to Know Before You Agree
When someone names you as the executor of their estate, it is both an honor and a serious legal responsibility. In New York, executors play a crucial role in ensuring that the deceased’s wishes are honored, debts are paid, and property is distributed correctly. Before agreeing to serve, it’s essential to understand what the job involves and how demanding it can be.
Understanding the Role of an Executor
An executor is responsible for managing the estate of a deceased person according to the instructions in their will. This includes filing the will with the Surrogate’s Court, identifying and valuing assets, paying taxes and debts, and distributing the remaining property to beneficiaries. The executor must act in the best interests of the estate and follow all New York probate laws.
Key Responsibilities of a New York Executor
- Filing the Will and Starting Probate – The executor must file the will in the county Surrogate’s Court where the deceased lived. Once approved, the court issues “Letters Testamentary,” granting authority to act on behalf of the estate.
- Inventorying Assets – This includes locating and appraising assets such as real estate, bank accounts, investments, and personal belongings.
- Paying Debts and Taxes – Executors must settle any outstanding debts and handle estate taxes, including state and federal obligations when applicable.
- Distributing Assets – Once all debts and taxes are paid, the executor distributes the remaining assets to heirs as directed by the will.
- Maintaining Records – Detailed accounting is required to ensure transparency and compliance with court procedures.
Before You Agree to Serve as Executor
Serving as an executor can be time-consuming and complex, especially if the estate involves disputes, significant debts, or multiple properties. You can decline the appointment if you feel unprepared or overwhelmed. Executors are also entitled to compensation for their work under New York law, based on a percentage of the estate’s value.
Get Professional Guidance
At Jack Weissman, Attorney at Law, located in Brooklyn, we can help guide executors through the New York probate process, ensuring they meet all legal requirements while protecting their rights. If you’ve been named executor and need advice on how to proceed, professional guidance can help you handle your responsibilities confidently and correctly.
