New York estate laws spell out strict duties and responsibilities for a fiduciary to follow. The probate proceedings must be done correctly the first time to prevent delays, so an estate administrator has to understand and fulfill the duties as effectively as possible.
Ideal qualities of a fiduciary
A fiduciary is required to be prompt, impartial and orderly when administering a decedent’s estate. This person must be serious, loyal and dedicated to the role as an administrator. A fiduciary also must use his or her own personal skills and resources to manage the estate.
Legal duties
The fiduciary has to identify, collect and distribute a decedent’s assets. This may require opening an estate checking account that is separate from a personal account. Any debts must be paid to creditors while the correct payments are made to various individuals and companies.
It’s a legal requirement to notify all of the beneficiaries and give them the opportunity to contest any step of the probate and estate administration. The misuse of funds could result in the administrator being relieved of all duties.
The fiduciary has to sign the probate petition. If there is no will or executor, the decedent’s spouse or closest relative has to assume the administrator’s role.
Fulfilling a wide range of duties
A fiduciary’s general duties are to adhere to New York laws, complete the paperwork accurately and meet the deadlines. A fiduciary must act with the highest levels of trust, loyalty and responsibility when being entrusted to administer an estate. It’s necessary to act solely for the best interests of the deceased person and each of the beneficiaries.