How Much Do Executors Charge in New York Frequently Asked Questions

The executor is responsible for the day-to-day activities of taking care of the final affairs of a decedent, managing the property in his (or her) estate, paying estate bills, and ultimately distributing assets to the decedent’s beneficiaries. The executor performs his duties based on the terms of the will and in accordance with New York law. If the decedent passed away without leaving a will, then an estate administrator appointed by the Surrogate’s Court is responsible for managing the decedent’s estate and distributing assets to his legal heirs under the laws of intestate succession.

As an experienced executor fees attorney in the New York will explain, the details of the primary responsibilities of an executor or estate administrator include:

• Identifying, inventorying, appraising, and securing estate assets. This may include financial accounts, real estate, as well as personal property. The executor may be required to submit an inventory to the court.
• Paying estate expenses and debts. The executor is required to pay estate debts from estate assets. Examples of expenses are bills related to the maintenance of estate property such as paying property insurance and utility bills. Debts may include bills that the decedent had at the time of his death such as credit card bills and personal loans. The executor must pay only valid claims that are timely filed.
• Collecting debts owed to the estate. This may include the decedent’s final paycheck, pension benefits, or final government benefit payments. It may also be money owed due from business or investments such as rent from investment property.
• Filing tax forms and paying taxes owed by the decedent or the estate.
• Transferring title of estate property. The executor is responsible for distributing estate assets based on the terms of the will. In the case of an intestate decedent, the administrator must distribute estate property to the decedent’s legal heirs.
• Filing an accounting. The executor is responsible for filing an accounting with the Surrogate’s Court of all activities related to managing the estate including income received, disbursements made, and distributions.