Experienced Manhattan Lawyer For Executors And Trustees

Being named an executor or trustee comes with serious duties. You may be grieving while also dealing with bank accounts, property, taxes, court filings, debts and family questions. With so much to handle, you may not know where to start or which deadlines apply.

At Wheatley Pritchard & Associates PLLC, we help Manhattan executors and trustees handle these duties from start to finish. We guide you through estate and trust administration, explain your fiduciary duties, prepare legal documents, address disputes and assist to keep the process on track. Our attorney for executors and trustees provides clear, practical guidance as you carry out your duties to the estate, trust and beneficiaries.

Executors And Trustees: How The Roles Differ

An executor handles an estate under a deceased person’s will. The executor usually files the will, gathers and protects assets, pays valid taxes and debts and gives property to the beneficiaries. Your duties generally end upon the final settlement and distribution of the estate.

A trustee manages property held in a trust under the trust agreement. The trustee may manage investments, keep financial records, pay trust taxes and distribute assets under the trust terms. Unlike an executor, a trustee may manage property for many years. In some cases, one person serves as both executor and trustee.

How Someone Becomes An Executor Or Trustee

A person named as executor generally gains legal authority when the New York Surrogate’s Court issues Letters Testamentary or Preliminary Letters Testamentary, which may be issued before full probate admission to allow immediate asset management.

A trustee named in a living trust may have authority under the trust terms once the trust is created. Under state trust law, a grantor creates a living trust during their lifetime by executing a written document with a formal acknowledgment or before two witnesses. The trust terms then state when and how the trustee may act, including whether the trustee can act while the grantor is able to manage the trust or only after the grantor becomes unable to do so or dies.

If no one names an executor or trustee or if the named person cannot or will not serve, the Surrogate’s Court may appoint someone to fill the role. The court may appoint an administrator for an estate when there is no eligible executor to serve. The court may determine a trustee when a trust does not name a capable person or when a vacancy occurs.

Court approval is not usually needed. However, a trustee named in a will, called a testamentary trustee, must obtain Letters of Trusteeship from the Surrogate’s Court before acting.

Understanding Your Fiduciary Duty

Serving as a trustee or estate executor comes with a strict fiduciary obligation to prioritize the estate, the trust and its beneficiaries above all else. This generally means avoiding conflicts, making careful decisions, protecting private information and following the will or trust terms.

You may also be responsible for:

• Filing documents: Preparing required court and trust filings
• Managing assets: Finding, protecting and valuing estate or trust property
• Giving notice: Notifying beneficiaries and creditors when required
• Paying expenses: Handling valid debts, bills and taxes
• Making distributions: Keeping records and distributing assets as required

We can aid you handle these duties, meeting filing requirements and addressing questions or disputes involving beneficiaries, creditors and others.

Securing Legal Support For Your Responsibilities

Mistakes in estate or trust administration can cause delays, disputes and possible personal liability. Tax deadlines, creditor claims and beneficiary concerns can also add to the pressure. We work to address estate and trust issues before they grow into larger disputes. Our team can review estate and trust documents, assist with filings and asset transfers, address beneficiary disputes, and support you make decisions that meet your fiduciary duties. We bring litigation experience to contested matters while maintaining high ethical standards as a member of the New York State Trust & Planning Committee. We also offer free consultations and maintain an easy-to-access location for clients who need practical legal guidance.

Need Help With Your Duties As An Executor Or Trustee?

You do not have to handle these duties alone. Call our Manhattan office at 347-815-1219 or fill out our contact form to schedule a free consultation with Wheatley Pritchard & Associates PLLC. We will discuss your situation, answer your questions and help you plan your next steps.