New York estate planning lawyer Yana Feldman (https://yanafeldmanlaw.com/executor-vs-administrator-what-is-the-difference-in-new-york/) releases a new article explaining the difference between an executor and an administrator in New York. The lawyer explains that estate planning is a very involved process. When the grantor of a will passes away, the estate will have to go through probate before the beneficiaries are able to access the inheritance.
“Being the executor or administrator of an estate is not an easy task. Nonperformance of your duties can result in penalties. You will also be expected to deal with will contests and creditors who make a claim to the estate. Taking on the mantle of an Executor or an Administrator can be daunting,” the New York estate planning lawyer says.
The lawyer adds that an executor or an administrator oversees the process of probate. When a decedent leaves behind an estate, the matter of managing their assets and liabilities, paying off creditors, and distributing what’s left to the beneficiaries is not handled by the court directly. Aside from being a person, an executor can also be a bank or a company that a decedent would name on their will.
Executors and Administrators are responsible for creating an inventory of the property and assets the decedent left behind. They are also tasked to pay off taxes and receive any claims from creditors. The executor or the administrator is also required to notify anyone who would be affected by their appointment, meaning the heirs or distributees of the decedent.
In the article, the New York estate planning lawyer adds, “After the Notice of Probate has been issued to those entitled to inherit, the Surrogate’s Court will hear any complaints or contests to the appointment of the potential administrator or executor. If there are no objections, the heirs or distributees would have to submit a waiver indicating their consent to being subjected to the authority of the executor or administrator.”
Furthermore, the amount of wages payable to Estate Administrators and Executors depends on the estate’s value. Some executors, however, may choose not to receive wages due to being close friends or relatives of the deceased. However, Banks and trust companies might actively seek compensation, and they may refuse to accept the role of executor if it is not sufficient.
Lastly, the lawyer mentions that it is important to seek the help of an experienced estate planning lawyer when dealing with matters such as planning for an estate. A skilled lawyer may be able to help a person plan their legacy and their future.
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Estate planning lawyer Yana Feldman has over twenty years of experience in the field of estate planning and elder law. She and her team of legal professionals are ready to help families go through the process of estate planning smoothly. At New York Legacy Lawyers, attorney Yana Feldman and her team are well-equipped to help families protect their legacy. Contact them today to schedule a free consultation.
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