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What Does an Executor Do in New York
The executor carries out the wishes of the testator, the person who made the will. From the filing of the probate petition to the final discharge, the executor must act in good faith and represent the interests of the beneficiaries. The work falls into a recognizable sequence of stages, though not every estate follows it in exactly this order.
| Stage | What the executor does |
|---|---|
| Getting appointed | Hires an estate attorney and follows their advice; files the probate petition, the original will and the death certificate with the Surrogate’s Court, together with any other documents the court requires; officially notifies the interested parties by citation or notice of probate; coordinates with the attorney on court appearances; and is confirmed by the court as the acting executor. |
| Marshaling the assets | Obtains an estate tax identification number and opens an estate bank account; locates, identifies and collects the assets of the estate; takes inventory of personal and real property; and contacts the testator’s employer about employee benefits. |
| Managing the estate | Manages bank accounts, stocks, bonds, retirement accounts and pensions; invests the assets prudently in the interim; manages the testator’s business if there is one; and keeps the beneficiaries regularly informed of important financial matters. |
| Debts, taxes and expenses | Pays or declines the decedent’s debts; pays valid creditor claims, funeral expenses and any estate taxes due out of estate assets; and pays the legal fees of the estate. |
| Distribution | Sells personal and real property or distributes it to the beneficiaries in accordance with the will; resolves disputes that arise among beneficiaries; and obtains signed releases from the beneficiaries before disbursing funds. |
| Closing the estate | Submits an accounting to the court and the beneficiaries, winds up and settles the estate, and is discharged as executor. |
Choosing an executor
The testator may appoint a spouse, another family member, a friend, an attorney or any other person over 18 to act as executor, and it is common to name a co-executor or a successor as well. The qualities that matter are experience, the ability to handle business matters, competence and availability. Acting as executor is a substantial responsibility, especially in a large estate, and some spouses and family members decide they do not want the job. They resign and an attorney or another personal representative is appointed to administer the estate instead.
What the work looks like in practice
All sorts of contractual and legal matters can require the executor’s attention. If the testator owned commercial property with tenants, the executor may have to collect rents and work with a property management company, or hire one, depending on the size of the building and the number of tenants. The executor often works with attorneys and accountants to make sure assets are properly valued and contractual obligations are completed.
Compensation
A New York executor is entitled to compensation for their services under New York law; we explain the statutory scale on our executor compensation page. When a spouse or family member acts as executor, they frequently waive the commission, particularly when they are also a beneficiary receiving a distribution under the will.
The executor’s duty and the consequences of breaching it
An executor is held to a high standard of conduct and is expected to act honestly, fairly and ethically. An executor who breaches that fiduciary duty can be held personally liable for losses suffered by the estate or the beneficiaries. The beneficiaries can seek the executor’s removal for breach of fiduciary duty, the executor can be ordered to make restitution of the financial losses, and an executor who committed a crime such as embezzlement of estate assets can face criminal charges as well.
If you have been named executor and want an estate attorney to assist you with your duties, or you are a beneficiary with questions about what the executor should be doing, call the Law Offices of Albert Goodwin at 212-233-1233 or email [email protected].
About the Author
Albert Goodwin Esq. is a licensed New York attorney with over 18 years of courtroom experience. His extensive knowledge and experience make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
