An executor (named in a will) or administrator (appointed when there is no will) is the fiduciary responsible for collecting a decedent’s assets, paying debts and taxes, and distributing what remains to the beneficiaries under New York law. In Manhattan, that role almost always includes transferring co-op shares through both the New York County Surrogate’s Court and the cooperative board, while answering to a prudent-fiduciary standard under EPTL 11-2.3.
Serving is an honor and a legal burden. An executor is personally accountable for getting it right, and in high-value New York County estates the stakes — and the scrutiny — are higher than almost anywhere.
Executor vs. administrator: what’s the difference?
Executor: Named in the decedent’s will; receives letters testamentary after the will is admitted to probate. Administrator: Appointed when there is no will (intestacy); receives letters of administration. Under SCPA 1001, priority to serve runs to the surviving spouse, then children, then more remote distributees.
The duties are largely the same; the difference is the source of authority — a will versus the statute.
What does an executor have to do? Step by step
- Obtain letters testamentary from the New York County Surrogate’s Court.
- Marshal the assets — locate and take control of accounts, co-op shares, and personal property.
- Secure the property — protect the apartment, maintain insurance, keep paying co-op maintenance or condo common charges.
- Notify creditors and review claims.
- File tax returns — final income tax, and NY/federal estate tax returns if required. See estate taxes.
- Account — prepare an informal or judicial accounting of every dollar in and out.
- Distribute the remaining assets to beneficiaries, including arranging the co-op share transfer with the board.
How much does an executor get paid? (SCPA 2307)
New York sets statutory executor commissions by SCPA 2307, calculated as a percentage of the assets the executor receives and pays out:
| Estate amount | Commission rate (SCPA 2307) |
|---|---|
| First $100,000 | 5% |
| Next $200,000 | 4% |
| Next $700,000 | 3% |
| Next $4,000,000 | 2.5% |
| Above $5,000,000 | 2% |
For a typical Manhattan estate built around a seven-figure co-op, commissions can be substantial — and they are taxable income to the executor, which sometimes leads a family-member executor to waive them.
What is the executor’s personal liability?
An executor is a fiduciary held to the prudent-investor standard of EPTL 11-2.3. That means managing estate assets carefully, avoiding self-dealing, treating beneficiaries impartially, and not letting a concentrated holding (common in Manhattan estates) sit unmanaged. An executor who mishandles assets, misses tax deadlines, or pays the wrong creditors first can be held personally liable for the loss.
Can you decline or be removed as executor?
Yes. A person named in a will can renounce before accepting the role. Once serving, a fiduciary can be removed by the Surrogate’s Court under SCPA 711 for misconduct, conflict of interest, waste, or failure to account. Beneficiaries who believe a Manhattan executor is mismanaging an estate can petition for removal.
In what order are debts paid? (SCPA 1802)
Creditors must present claims within a statutory window, and the executor pays them in priority order before any beneficiary receives a distribution. Under SCPA 1802, claims not presented within seven months of letters issuing may be barred against assets already properly distributed — so timing the creditor period correctly protects the executor.
The Manhattan co-op reality
Settling a Manhattan estate means dealing with the cooperative corporation. Even after the court issues letters, transferring the deceased’s shares to a beneficiary requires the board’s approval, financial review of the proposed shareholder, and compliance with the proprietary lease. An executor selling a Tribeca or Upper East Side co-op must navigate the board package, the transfer fee/flip tax, and the managing agent — none of which the Surrogate’s Court controls. Read more in the Manhattan estate guide.
Frequently asked questions
Do I need a lawyer to serve as executor in New York? Not required, but for a high-value, co-op-heavy Manhattan estate with tax filings and an accounting, most executors retain counsel to limit personal liability.
Can there be more than one executor? Yes. Co-executors share authority and, under SCPA 2313, may split commissions. They must generally act together.
How long does an executor serve? Until the estate is fully administered, debts and taxes are paid, the accounting is approved, and assets are distributed — typically the full probate timeline.
Appointed as an executor? Book a 30-minute consultation with Russel Morgan.
Have a question about your estate?
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