The trustee of an estate is the person responsible for collecting the assets and managing the estate through the probate court. A manager, or personal representative, is usually appointed as part of the succession plan. If the deceased did not have a will or estate plan, the court will appoint the trustee. In terms of their functions, there is no difference between an Executor and an Administrator.
The difference lies in the way they are named. An executor is named in the will of a deceased person. If there is no will, a court appoints an administrator to administer or manage the estate of a deceased. A New York City estate planning lawyer can help explain your different options.
The court procedure for appointing an executor involves legalizing a will. The court procedure for appointing an Administrator is different, as there is no will involved. However, whether an administrator or executor is appointed, each of them has numerous powers and obligations with respect to the management of property matters. In the case of an executor, the estate is distributed according to the will.
An administrator distributes an estate in accordance with the laws of intestate succession, that is, without a will. In terms of your wishes, it's best to have a will and a named executor that you know and trust. If you really want to prevent the Court from appointing an Administrator, then it's a good idea to appoint more than one Executor or an alternate Executor. Appointing a trustee in an intestate state in New York City can cause many complications, through which an attorney can guide you.
Subrogation Court filing procedures require that the Court be provided with kinship information that describes in detail the family tree of the deceased. It can be difficult to complete an affidavit of kinship, especially when the decedent has no close family members, such as a spouse or children. When the closest relatives of a deceased are unknown or very distant in relation, such as cousins, intestate administration can be handed over to the Public Administrator. As a government official in each county, the Court will appoint the Public Administrator as the Estate Administrator. Another complication in administration cases is that the court may require a trustee to post a bond to ensure the safety of the assets of the estate.
Most wills contain a provision that waives the requirement for a bond. As a New York City attorney, I have represented numerous clients in kinship matters and have many years of experience working with executors and administrators as they move through the estate settlement process. I work hard to help my clients resolve their legal issues successfully, especially if things looked bad at first. I also like working through the nuances of the details of a case, discovering something that initially didn't seem obvious, and understanding things that can't be controlled so that I can hear a happy client say “Thank you so much”. Complete the form and a representative from my firm will contact you to discuss your concerns in more detail.
You can also contact me by phone at (21) 355-2575 or by email to schedule an appointment with a New York City attorney to learn more about Executor vs Administrator. An estate is a legal entity created to maintain the assets, rights or obligations of a deceased person. Each estate has one or more persons designated to act on its behalf. A trustee is a person appointed to dispose of the assets of the estate, administer creditors and pay any required lawyers', appraisers' or accountants' fees. An important part of making a will is appointing someone to act as your executor, also called a personal representative in some states. What is an executor? The executor is the person who will be in charge of your estate after your death.
The executor will pool your assets and keep them safe, pay debts and taxes, and distribute your assets according to the terms of your will. Management of an estate means managing both its assets and liabilities after someone has passed away. When someone has not willingly appointed a personal representative to take care of his estate at death, then it's up to court to appoint an administrator to administer it. If an estate is required, then either appointed executor or other interested party may ask probate court to admit will for legalization or if there's no will - appoint administrator for it. For example if someone passes away then his/her spouse who's likely beneficiary can also act as steward for estate.
Probate court will issue Probate Letters authorizing administrator for decedent's estate to act on behalf decedent's behalf. Managers must act in best interest of estate and beneficiaries leaving aside their own interests. Trustee can also be held personally liable if he does something that causes estate to lose value even if he didn't intend for it or didn't know about possible personal liability issues. Only court can issue document (commonly called letters of administration or simply letters) that gives someone authority over deceased person's estate so if filing requirements are met then administrator may need file different types tax returns. If someone's father dies and believes there's no will then he can file petition claiming there was no will and seek appoint himself/his nominee as trustees for estate. Trustee will take legal title over assets of estate and have legal responsibility file all tax returns and pay all related taxes. Additional information about duties of administrator available in IRS Publication 559.
Leave Message