When a New York will holder passes away, an executor will be named. Those who die without wills must have administrators appointed to handle their estates. Whether a person serves as an executor or an administrator, he or she will have certain duties to perform. It is important that executors and administrators understand their responsibilities and handle them correctly.
Executors and administrators will be tasked with taking control of the assets of the decedents. They will need to notify all of the creditors and beneficiaries or heirs and pay the outstanding debts out of the estate’s proceeds. After this is completed, they must distribute the remaining assets according to the wills or to the state’s laws of intestacy.
If there is a will, the executor is responsible for locating it and filing the necessary documents with the court. After the will holder dies, third parties such as creditors must be notified. The decedent’s debts and assets must then be identified and located. The executor or administrator must inventory all of the assets and debts and provide a schedule of them to the court. In addition, they should take control of the assets and maintain them until they are disposed of either through selling or distribution. During this process, the debts should be paid and the taxes must be filed.
Estate administration and probate can be complex. People who have been named as executors or appointed as administrators might benefit by seeking help from experienced legal counsel. An attorney may help to guide a client so that they avoid making costly mistakes.