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For Estate Planning, Estate Administration And Disputes

How is an estate executor different from an administrator?

On Behalf of | Jul 13, 2023 | Estate Administration & Probate |

The estate of an individual comprises all their assets and liabilities. When a person creates a last will and testament, they appoint an executor to manage the estate and distribute it to the designated beneficiaries according to their explicit instructions. However, we never know when death can happen. A loved one might die unexpectedly without a will. If the person died intestate and did not appoint a family member to administer the estate, you can hire a professional estate administrator.

Why hire a professional estate administrator?

In New York, if the closest living relative or surviving spouse wants to appoint an estate administrator, they must file a petition with the Surrogate’s Court. It is advisable to hire a professional administrator when the estate has a value greater than $50,000. The heirs and beneficiaries of the estate must not have any objections to the administrator the petitioner chooses. The estate administrator should have the following qualifications:

  • They should be familiar with the intestacy laws.
  • They should know how to address family disputes and mitigate potential conflicts.
  • They should know how to deal with creditors and pay off debt before distributing the estate.
  • They should be aware of financial tax returns and repercussions when transferring or distributing assets.

Your estate administrator will investigate the intestate’s entire estate. They will gather all the necessary information and documents to equitably divide the estate. Your loved one might have properties or valuables you do not know about. Someone with the right experience can help you locate these.

Prioritizing the heirs and beneficiaries

By appointing a neutral third-party administrator, you hire an unbiased and trained professional to effectively oversee the estate administration process. They have no stake in the estate. Therefore, you can rely on them to prioritize the best interests of your family and relatives. Similarly, there might be documentation and deadline specifics that require immediate compliance. They should know how to process legal documents and when to submit them.

It is a time for you to grieve, not go through bank statements and property titles. A professional estate administrator can save you time and money. They can also ease the stress of having to deal with family members looking for their share of the estate.