Qualified Assistance for Estate Executors and Administrators
Queens and New York City Attorney Barry S. Seidel
If you have questions or concerns about the role of executor or administrator in the estate administration or probate processes, turn to me, attorney Barry Seidel. I have been providing information and guidance to executors and administrators throughout my 25 years of practicing law. Contact me to discuss your specific situation.
What Is an Executor?
The executor of an estate is the person who is named by the deceased in his or her will, charged with administering the estate. They serve in many capacities, handling a variety of issues, such as:
- Composing an inventory of all of the estate assets
- Gathering all assets and having them appraised
- Collecting any debts or payments owed to the estate
- Taking care of paying any debts owed by the estate
- Filing any local, state and federal taxes, along with paying any taxes owed by the estate
- Distributing the assets of the will to the beneficiaries as stated in the will
Also, the executor of the estate owes fiduciary duties to anyone who may have an interest in the estate. This means that the executor has a duty of loyalty to the estate and is required to act in the best interests of the estate.
What Is an Administrator?
The administrator of an estate has all of the same types of duties that are listed above as duties of an executor. However, there is one major difference. While the executor is named in a will, an administrator is appointed by the court if there is no will.
Do Administrators and Executors Get Paid?
Under New York State law, administrators and executors of estates are entitled to receive "commissions." This mean that their payment is based upon the amount of money the estate takes in and pays out. It is based on a statutory formula.
- Compensation of 5% of the first $100,000 held by the estate
- 4% of the next $200,000
- 3% of the next $700,000
- 2.4% of the next $4 million
- 2% of any assets above $4 million
Serving as an administrator or executor of an estate is a big responsibility and not something to be undertaken lightly. However, it can be rewarding in that you are carrying out the wishes of a deceased. This person valued and respected your ability to carry out the job properly. Obtaining proper counsel is an important part of this responsibility.
