New York Probate Lawyer Blog
One of the primary reasons for implementing an estate plan is to afford a person the opportunity to select or nominate estate fiduciaries. When one thinks about planning an estate, the initial considerations regarding the creation of a Last Will and Testament or a Revocable Trust are the beneficial provisions concerning the disposition of assets. Of course, while selecting beneficiaries and alternate beneficiaries, as well as the assets or shares they are to receive, is a prominent aspect of any plan; it is also essential that sufficient consideration be given to the selection of fiduciaries. Fiduciaries may be executors, trustees or guardians for minors.
The nomination of a fiduciary is important since the creator of the document is placing his trust in a named person or persons to administer an estate or trust and to put into effect the creator’s intentions. Executors and trustees may need to serve for long periods of time and may need to confront and resolve many complex issues affecting an estate or trust ranging from taxes, creditors’ claims, and other sorts of litigation.
When a decedent does not leave a Will, the selection of an intestate estate administrator is left to the determination of the Surrogate’s Court by application of the estate laws. In particular, Surrogate’s Court Procedure Act Section 1001 entitled “Order of priority for granting letters of administration” provides a list of persons who have priority in being appointed as the estate administrator. The New York Probate Lawyer Blog has published numerous articles concerning the appointment of estate administrators and estate settlement.