How Much Do Executors Charge in New York Frequently Asked Questions
When someone passes away, that person’s estate must be settled and his (or her) assets distributed to his beneficiaries or heirs. The executor that the decedent named in his will is responsible for the day-to-day activities of managing the decedent’s estate and ultimately distributing assets. Executors are not expected to work for free. Pursuant to section 2307 of the Surrogate’s Court and Procedure Act, executors are permitted to receive reasonable commissions for services rendered on behalf of the estate. To learn more about executor fees and fees for other fiduciaries such as trustees, contact an experienced New York executor fees lawyer at the Law Offices of Stephen Bilkis & Associates for details as to how much do executors charge in New York.What are the duties of an executor?
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.
As an experienced New York executor fees lawyer will explain, the first place to look to determine the amount of compensation due an executor is the decedent’s will. If the will states the amount of compensation or for a waiver of fees, that is the amount of compensation that the executor is due. If the will provides for statutory fees or does not mention compensation, then the fee must be reasonable based on the complexity of the estate.Contact the Law Offices of Stephen Bilkis & Associates
If you are an executor and have questions about the fees related to the administration of an estate, it is important that you discuss your concerns with an experienced executor fees attorney serving New York. The attorneys at the Law Offices of Stephen Bilkis & Associates have years of experience representing estate administrators, executors, beneficiaries, heirs, and other interested parties in matters related to how much do executors charge, executor fees, accountings, and other issues related to the estates. Contact us at 1-800-NY-NY-LAW (1-800-696-9529) to schedule a free, no obligation consultation regarding your case. We represent clients in the following locations: Bronx, Staten Island, Queens, Brooklyn, Long Island, Manhattan, Nassau County, Suffolk County, and Westchester County.