An executor, appointed by the testator in his/her will has a fiduciary duty to the heirs of the estate. What can you do when the executor breaches his/her duty?
What are the executor’s obligations?
- Filing a Probate Petition in Surrogate’s Court.
- Notifying all heirs and distributes of the filing.
- Locate all missing heirs if any.
- Obtain Letters Testamentary.
- Searching and Locating Estate assets.
- Preparing an accounting of assets and
- distributing the accounting to all heirs.
- Filing tax returns and paying all taxes and debts of the Estate.
- Making a distribution of assets in accordance with the will
- in a timely manner.
What procedures are available to an heir if the executor fails to perform?
An heir may file a Petition to compel the executor to act. If the executor does not act within the allotted time frame, 30-60 days, typically the heir may make a motion to remove the executor. If granted, the court will appoint the named successor executor. If the will does not provide for a successor, the court may appoint a family member or a Public Administrator to take over the duties to complete the probate and distribute the assets.
You do have remedies if your executor fails to perform his/her fiduciary duties.
For more information call or email me at 212-693-3737 or firstname.lastname@example.org