If you’ve been designated and appointed as the executor or administrator for an estate that is being settled through probate proceedings in New York, you may find yourself unsure about how to proceed. That is only natural, since most people rarely have contact with the probate court. Still, it is important to have at least some basic idea about the duties that lie ahead, to ensure that you don’t make errors that could leave you liable for any estate losses. To help you better manage the complexities of the probate process, we’ve prepared this probate checklist that can be used as a broad guide as you work to fulfill your probate duties.
Notify the probate court and present a copy of the will and a request to be formally appointed to serve as the estate Executor. Remember, being named as Executor in the will doesn’t give you any real authority. You have no power to act in the estate’s interests until the court acknowledges the validity of the will and formally recognizes your role.
While that checklist might give the impression that the process is one that can be completed within a few weeks without much trouble, you shouldn’t have those expectations. Most probate matters take anywhere from six months to more than a year to complete. Throughout it all, you will owe a fiduciary duty to the estate, its creditors, and any heirs. That means that you must put their interests before your own as you carry out your duties.
You should also know that you may be entitled to compensation for your work administering the estate’s settlement process. That compensation counts as income that is taxable for personal tax purposes, however. Because of that fact, many executors who are also beneficiaries of the estate often forgo compensation to avoid tax implications. You should discuss those implications with your financial advisor or attorney to see what works best for you.
Be diligent and exercise an abundance of caution when administering any estate, since errors or a failure to exercise good judgment could leave you open to liability if assets are lost or suffer a decrease in value during your tenure as executor. Again, it is wise to rely on a trusted probate attorney to assist you with these proceedings to ensure that your interests are always protected.