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ESTATE ADMINISTRATION
IN NEW YORK
Trusted Estate Adiministration Attorney in Rochester, NY
EXPERIENCED ESTATE ADMINISTRATION LAWYER IN ROCHESTER, NY
The settling of a deceased individual’s estate through the Probate process is called Estate Administration. When a loved one passes away, numerous tasks arise which includes collecting assets, settling bills, filing taxes, preparing and sending accounting documents to beneficiaries, and distributing assets. But if someone dies without a Will, who will be appointed the Administrator the estate? The Estate Administrator and their responsibilities will be specified by New York State law. On the other hand, if the deceased has a Will as part of an Estate Plan, the responsibilities of the Executor will be specified, and the deceased’s assets will be distributed according to what is stated in their Last Will and Testament.
Q&A ABOUT ESTATE ADMINISTRATION IN ROCHESTER, NY
Q. Probate vs. Estate Administration – How are they Different?
A. Probate and Estate Administration are often used interchangeably, but they are distinct legal processes in handling a deceased person’s affairs. The Probate process is only one part of the Estate Administration process. The Estate Administration process includes compiling of assets and managing an estate of a deceased individual through Probate. Probate is the formal legal process when the Surrogate’s Court validates a Will and supervises the distribution of assets to the deceased person’s beneficiaries as outlined in the Will according to New York State law. Probate is usually the first step that begins the Estate Administration process. If there is no Will, the Court will assign an Administrator to manage a deceased individual’s estate. After the Will is validated by the Court, the Estate Administration process can begin.
Q. What is the Difference Between an Estate Administrator and Executor?
A. When it comes to estate planning, understanding the difference between an Estate Administrator and an Executor can be confusing. The Estate Administrator is appointed by the Court if someone dies without a Will and an Executor of Estate is named within a Last Will and Testament. Both the Estate Administrator and Executor roles and responsibilities are quite similar. The Estate Administrator must file a Petition in probate Court and follow the guidelines as set forth by New York State Law. On the other hand, an Executor is appointed directly by the deceased person in their Will, giving them more autonomy and control over the estate’s distribution of assets according to specific wishes stated in the Will. This is why it is important to have a well-crafted estate plan in place to ensure that your wishes will be carried out as you intended rather than a Court deciding on how your estate is handled.
Q. What is Involved in the Estate Administration Process?
A. The Estate Administrator (normally the Executor) must perform certain tasks according to State law. The compiling of assets and managing an estate of a deceased through Probate Court can be complicated. If you are appointed the Estate Administrator, your first responsibility will be to provide the Court with the original Will and a list of names designated as the deceased’s beneficiaries. Here is a brief list of responsibilities:
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Have all assets appraised to determine their value
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Identify and collect assets
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Verify and pay all debts
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Prepare court documents
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Communicate with the heirs and beneficiaries about the estate
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Distribute assets to beneficiaries
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Resolve any disputes that may arise
Q. Who is Involved in Estate Administration
A. The entities involved in the Estate Administration process are:
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Estate Planning Attorney
Most of the work involved in administering an estate falls on the attorney that is representing the estate of the deceased. The Estate Planning attorney will marshal the assets, have them appraised, gather the unpaid bills accumulated by the deceased, decide which bills will get paid and which one’s will not, and the then puts together an accounting document which will show what all the beneficiaries are entitled to. A document called a Receipt and Release, together with a check with the beneficiaries’ share of the estate is sent by the estate’s attorney. The beneficiary then signs and returns the Receipt and Release, which shows that he has been paid his share of the estate and releases the Estate Administrator from all liability.
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Surrogate's Court
The Surrogate's Court appoints the Estate Administrator and issues Letters of Testamentary, or Letters of Administration which authorizes the Administrator to act on behalf of the deceased.
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Estate Administrator
An Estate Administrator is the legal representative of the deceased—often a surviving spouse, family member, the Executor named in the Will, or an attorney. A person must appear in front of the Surrogate’s Court to petition for the right to be appointed as the Estate Administrator.
Q. Is an Estate Administrator Compensated?
A. Yes, acting as an Executor or Administrator of an estate is a complex and time-consuming process. Therefore, New York State law will determine how much the Administrator is paid. The fee structure is typically a percentage of the gross value of the estate. If the Administrator is required to handle additional duties such as litigating a lawsuit or managing the sale of properties, additional compensation will be paid.
Q. How Long Does the Estate Administration Process Take?
A. The Probate and Estate Administration processes in New York State can take between seven months and three years. The duration of the process varies and is based on the estate's complexity, the existence of a Will, and the volume of Probate cases in the estate. if the Estate Administrator makes distribution of the estate’s assets before seven months, there may be some personal liability. The estate should not be settled before seven months after the person has been deceased, since creditors are allowed that amount of time to file a claim against the estate.
Be Proactive – Proper Estate Planning is Crucial
The Probate and Estate Administration process begins long before a loved one passes away. By creating a thorough and legally binding Estate Plan that meets your unique requirements, you can ensure that the management of your estate proceeds smoothly. A thoughtfully designed Estate Plan not only reflects your wishes but also reduces the likelihood of disputes and issues for your heirs. By taking these proactive measures, you can enjoy peace of mind knowing your estate will be handled as you intended.
The Estate Planning attorneys at Ronald J. Axelrod & Associates can help you with every aspect of the settlement of an estate—from Estate Administration to handling all Probate legal matters, including preparing a final accounting. We work diligently to identify the best legal solutions for you that address your needs, anticipate potential legal issues, and devise a plan to confront them. Our Estate Planning lawyers and paralegals will professionally handle the Estate Administration process, including Probate so that you can avoid delays and unnecessary expenses. And if you are a beneficiary, we will ensure that your rights are protected and see that you receive your inheritance as intended by the deceased. Let our legal team create an Estate Plan designed specifically for your needs. Call us today at (585) 203-1020 or contact us by email.
EXPLORE OUR ROCHESTER, NY ESTATE PLANNING SERVICES
Ronald J. Axelrod, & Associates, Estate Planning lawyers in Rochester, NY, will handle all of the legal services you'll need to help to ensure that your estate is handled properly and that your assets are distributed according to your wishes.
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