What are Your Responsibilities as an Estate Administrator in New York State?
Contrary to what you may have heard, an administrator is not the same as an executor. An executor is a person named in a will to carry out the descendant’s last wishes. The job of the administrator, on the other hand, is to ensure the estate of the descendant is processed in accordance with the state’s intestacy laws. In addition, an administrator is appointed by the Surrogate Court in the event that no will exists.
If you are appointed administrator of an estate in New York, your first move should be to contact your attorney. Your lawyer can explain the process and guide you through the necessary steps. Following is a basic checklist of tasks you’ll want to take care of immediately:
- Identify and list out the decedent’s assets.
- Contact financial institutions and notify them of the death and that you have been appointed administrator of the estate.
- Have real and personal property, including furniture, jewelry, art, collectibles, automobiles, etc., professionally appraised.
- Open an estate checking account.
- Find out if there are creditors of the estate and if their claims are valid. If their claims are valid, consult with your lawyer on how to proceed.
- Pay off all estate expenses including court fees, appraisal costs, funeral expenses, attorney fees, etc.
- Create a journal and record all financial transactions related to the administration of the estate.
- If required, be sure to have the decedent’s last income tax return and estate income tax returns organized and filed.
- Distribute the balance of estate funds to the surviving beneficiaries.
It is important to remember that you are appointed by the court and you should take your responsibilities as an estate administrator seriously. If state or federal taxes are owed on the estate, be sure to file them correctly and on time. A failure to do so may result in penalties against you.
Recently appointed executor/administrator of an estate in NY or New Jersey? Without proper legal guidance, you could find yourself in over your head. An experienced estate planning lawyer can assist you in obtaining and filling out paper work, understanding the probate process and creating an estate plan of your own. For estate planning help in Union and Hunterdon Counties, contact Alec Borenstein, Esq., at email@example.com or call 908-236-6457 today.