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estate administration & probate Archives

Duties of estate administrators and executors

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.

Lack of a will hurts Prince's heirs

New York residents who were fans of Prince likely remember that he died in April 2016. They may also know that he died without a will, which has made it more difficult for his heirs to receive their inheritances. At his death, Prince's estate had an estimated valued of about $200 million. However, the IRS and the executor of his estate cannot agree on exactly how much the estate was worth when the singer passed away.

Probate challenges can arise after death

Avoiding probate because of its expense and potential for conflict is a priority for many people in New York who are engaged in the estate planning process, leading to a preference for non-probate transfers, life insurance and other types of bequests that can pass without probate. Nevertheless, most estates will still need to go through an often-substantial probate process. If someone has an issue with the execution of the will after a loved one's death, filing a probate claim is the major way to seek a resolution.

Ways to make an executor's task easier, more efficient

Picking the right person to handle their affairs after death is one of the most important things New York residents can do during the estate planning process. Fulfilling the duties of an executor is something a person might not want to do, since it brings home the finality of a friend's or loved one's death.

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140 Allens Creek, Suite 3
Rochester, NY 14618

Phone: 585-484-9970
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