The role of a Long Island executor is to administer the estate and manage the estate assets, making sure that the decedent’s bills and other claims against the estate are settled and paid, and to distribute the estate assets to the beneficiaries of the estate in accordance with the decedent’s will. The executor has a fiduciary duty to the beneficiaries and the estate to act in their best interests. The executor is expected to act in a reasonable, prudent and honest manner.
Usually a Long Island executor is the surviving spouse, child or other family member of the decedent. Since most executors do not understand the New York probate and estate laws, the executor generally seeks the advice of a Long Island probate and estate attorney to help the executor with the estate administration.
Typical duties of a Long Island executor include:
• Filing a probate proceeding with the Nassau or Suffolk County Surrogate’s court
• Compiling a list of the assets of the estate
• Managing, buying and selling the estate assets
• Taking care of paying bills and paying or disapproving creditor’s claims
• Running the decedent’s business (with the court’s permission)
• Taking care of banking matters
• Preparing estate accountings
• Locating heirs or beneficiaries
• Meeting with beneficiaries
• Hiring other professionals such as a Long Island probate and estate attorney, real estate agent, accountant or CPA, property manager, appraiser and other professionals
• Settling disputes amongst heirs, beneficiaries and other interested parties against the estate with the assistance of a Long Island probate and estate attorney
Since administering a Long Island estate can be complex, the assistance of a Long Island probate and estate attorney is necessary. The attorney can help the executor with legal matters, court appearances and filings, help settle disputes against the estate, assist with the purchase and sale of estate assets and filing of estate tax returns. As attorneys, we guide Long Island executors so that the estate is wound up and closed in a timely manner and the beneficiaries receive their rightful inheritances.
If you wish to speak to a Long Island estate attorney, call the Law Offices of Albert Gurevich at (516) 777-0647.