Legal Question in Wills and Trusts in New York
Fiduciary Duties
The Surrogate's Court issues the following statement: ''The fiduciary must also comply with strict requirements for notifying
persons who have a legal interest in the estate of any matters which may
affect those interests. It is the responsibility of the executor or
administrator to manage the estate carefully''.
Q: What are the ''strict requirements'' to notify? Where can a list be found?
(There is not one on the Court site). Many thanks in advance
2 Answers from Attorneys
Re: Fiduciary Duties
Fiduciary duties are generally outlined on the Surrogate's web site. The statutes involving fiduciaries are available at the New York State web site. In general a fiduciary is obligated to keep the people named in the Will advised of the status of the probate proceedings, including providing a copy of the Will (also available for a small fee from the Surrogate), what is happening with the estate and to provide an accounting to the people named. The Surrogate should provide the names and contact information of all fiduciaries appointed (executor, trustee, if any, and the attorney for the estate, if any is being used. If you need more information, contact me directly.
Re: Fiduciary Duties
The executor or administrator has the option to hire an attorney paid from the estate to assist the executor or administrator avoid pitfalls and to comply with the legal requirements.
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