What is Estate Administration?
The New York Surrogate’s Court Procedure Act defines the word estate as “all of the property of a decedent, trust, internee or person for whom a guardian has been appointed.” Estate administration is the process of collecting and preserving or investing the assets of an estate and prioritizing and paying all claims of creditors and beneficiaries. This process is carried out by the authorized fiduciary of the estate, such as the executor, administrator, trustee, or guardian.
How Can I Help?
The process of estate administration can be time-consuming and complicated, with many pitfalls along the way. As a fiduciary, you may be held personally liable if you fail to properly fulfill your duties. That is why it is common and generally advisable for a fiduciary to rely on the counsel of an experienced trusts and estates attorney to guide them through the administration process. As your attorney, I will be by your side throughout this process to make sure you satisfy your obligations as a fiduciary and ultimately get released and discharged of your duties.