Your Legal Toolbox: Understanding Your Role as a Fiduciary in New York Estate Administration
When it comes to probate and estate administration, few roles carry more legal and ethical weight than that of a fiduciary. Whether you’re an executor named in a Will or an administrator appointed by the court, you have a legal obligation to act with integrity, loyalty, and care.
At the Law Offices of James Yastion, PLLC, we equip fiduciaries throughout Ulster, Orange, and Dutchess Counties with the tools and legal insight they need to succeed. As your trusted Hudson Valley probate attorney, I ensure that you not only have access to the right tools—but also know how and when to use them.
What Is a Fiduciary?
A fiduciary is someone entrusted to act on behalf of another party, especially in managing money, property, or legal matters. In the context of estate administration in New York, fiduciaries must uphold the highest standard of care and loyalty to the estate and its beneficiaries.
As Justice Benjamin Cardozo famously stated, a fiduciary is held to “the punctilio of an honor the most sensitive,” not merely to the “morals of the marketplace.” In simpler terms, fiduciaries must always put the estate’s interests above their own and avoid conflicts of interest.
Executors and Administrators: Two Key Fiduciaries
Executor of the Estate
An executor is named in a Last Will and Testament to carry out the decedent’s wishes. After the Will is admitted to probate in Surrogate’s Court, the executor is formally appointed and gains legal authority to manage and distribute the estate.
Administrator of the Estate
If there is no Will (intestacy), or if the named executor is unable or unwilling to serve, the court appoints an administrator. While the role is similar to that of an executor, the administrator must follow New York’s intestacy laws rather than the instructions of a Will.
Yes, It’s a Job—And It Comes with Compensation
Serving as an executor or administrator is real work, and New York law recognizes this. Fiduciaries are entitled to reasonable compensation, which is typically based on the size and complexity of the estate. The Surrogate’s Court may approve these fees as part of the estate’s final accounting.
Keep Good Records: It’s Not Just Smart, It’s Required
One of the most important tools in your legal toolbox is diligent recordkeeping. You must track:
– All assets received and disbursed
– Payments of debts and taxes
– Communications with heirs and beneficiaries
– Legal and administrative steps taken
These records will be crucial when preparing the final accounting for the court and beneficiaries. Poor or incomplete records can result in delays, objections, or even personal liability.
Communication Is Key
Transparency goes hand-in-hand with trust. Regular communication with the estate’s beneficiaries and heirs can prevent misunderstandings, reduce disputes, and demonstrate your commitment to fairness and integrity. If you’re unsure how much to disclose or when, your probate attorney can help you strike the right balance.
Your Trusted Legal Toolbox in the Hudson Valley
At the Law Offices of James Yastion, PLLC, we provide fiduciaries in Ulster, Orange, and Dutchess Counties with personalized guidance every step of the way. From petitioning the Surrogate’s Court to final distributions and accountings, we make sure you know what to do, when to do it, and how to do it right.
Need Help with Your Fiduciary Role in a New York Estate?
Contact the Law Offices of James Yastion, PLLC today. We help fiduciaries throughout the Hudson Valley fulfill their duties with professionalism, transparency, and legal support you can trust.