Have you been nominated by a family member or friend to be the Executor of their Will? This means that you have been given responsibility to manage a loved one’s estate according to the Will’s terms.
No Will? Are you the next of kin? You could be the person appointed to manage and distribute your family member’s assets pursuant to New York State’s law of intestate succession. This position is known as the Administrator of an Estate.
An Executor or Administrator’s responsibilities may include the following:
- Offering a Will for Probate
- Obtaining a certified copy of the decedent’s Death Certificate
- Making sure the decedent’s property and assets are safe and secure
- Determining the value of the decedent’s assets
- Paying any last debts and taxes owed by the decedent
- Collecting monies belonging to the deceased from financial institutions and insurance companies
- Filing tax returns for the decedent and/or for his/her estate
- Selling properties and assets
- Report and account to beneficiaries
- Distributing the proceeds of the estate to beneficiaries
- Setting up trusts
Being an Executor or Administrator can be overwhelming particularly when you are grieving the loss of a loved one, but rest assured that this office can guide you through the process with compassion and patience.
Contact the office to find out more or to arrange an appointment to meet with Meghan.