Part of the process of making a will is to designate a person or entity to be responsible for managing your estate once you die. That person is known as the executor of his estate. If you do not leave a will, the New York Surrogate Court will appoint an estate administrator to perform the role of executor. After your death, your estate must go through an administration process that begins with the filing of your will (if any) with the court.
The Surrogacy Court will review the will to ensure that it is valid. The executor will manage your estate and ultimately distribute your assets to the beneficiaries you named in your will in accordance with the terms of your will. The process of managing an estate can be complicated, slow and lengthy, and involves inventorying the assets of the estate, paying estate bills, and dealing with litigation and other complications that develop during the management process. Because of the work involved in fulfilling the obligations of an executor, under New York Estates, Powers %26 Enforcers of the Trust Act are entitled to be paid a reasonable fee.
For more information about executor fees, contact an experienced New York executor fee attorney at the Law Offices of Stephen Bilkis %26 Associates As an experienced New York executor fee attorney will explain, the rules for corporate executors are a little different and may be based on the fees mentioned in the will. That charge may be a specific amount or percentage set out in the will, or it may refer to the corporation's published fee schedule. The decedent may have owned a cooperative or condominium where monthly ongoing maintenance fees are paid pending the succession of the estate. First, New York probate courts that handle probate have a variable filing fee schedule that depends on the size of the estate.
The additional time and resource requirements of probate with major complications increase how much the estate costs. Unless the executor named in the will has a felony conviction, fails to act, or decides to waive his or her right, the designated executor has priority to file a petition for probate and become the official trustee of the estate. Fixed fees for a property attorney are out of the question for an estate case involving litigation or that will be challenged. The probate attorney's fees you hire will depend on the agreement; it can be hourly or calculated based on the percentage of the estate.
In these cases, the fee can be easily calculated and the client knows a definitive amount that this legal representation will cost based on an estimate of the value of the estate. The more times lawyers go to court or file a motion, the more money they earn and the less money left for the parties in the end. For more information on what assets are excluded, contact an experienced New York executor fee attorney. The cost of closing an estate varies greatly depending on the ratio of the beneficiaries involved.
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