Trust & Estate Administration in New York

When a Manhattan resident dies, the work of carrying out their plan begins. Administering a high-net-worth estate or trust is a demanding fiduciary undertaking governed by the Surrogate’s Court Procedure Act (SCPA) and the Estates, Powers and Trusts Law (EPTL). We guide executors, administrators, and trustees through the process and represent beneficiaries who need their interests protected.

Probate and Letters Testamentary

If the decedent left a will, the named executor petitions the New York County Surrogate’s Court to admit it to probate and to issue letters testamentary. Those letters are the executor’s authority to act, allowing them to collect assets, open estate accounts, and deal with financial institutions. We prepare the petition, give the notice the SCPA requires to distributees and other interested parties, and resolve any objections.

Administration Without a Will

When a New Yorker dies without a will, the estate passes by intestacy under EPTL 4-1.1, and a close relative petitions to be appointed administrator and receive letters of administration. The statute fixes who inherits and in what shares, which often surprises families. We help eligible relatives obtain appointment and administer the estate within the intestacy rules.

Small and Voluntary Estate Administration

Not every estate requires full probate. Under SCPA Article 13, a decedent’s personal property below the statutory threshold can be administered through a streamlined voluntary administration, sometimes called the small estate procedure. A voluntary administrator files an affidavit with the Surrogate’s Court and collects and distributes assets without a formal proceeding. While many high-net-worth estates exceed this limit, the procedure can still help with a modest pocket of separately held personal property.

The Fiduciary’s Core Duties

Executors and trustees in New York owe strict fiduciary duties of loyalty, prudence, and impartiality. The fiduciary must marshal and safeguard assets, obtain valuations of closely held businesses and real estate, pay valid debts and expenses, file income and estate tax returns, and keep meticulous records. Breaches expose the fiduciary to personal liability, so disciplined administration is essential.

Accountings and Closing the Estate

Before distribution, a fiduciary typically accounts to the beneficiaries, either informally with releases or through a formal judicial accounting in the Surrogate’s Court. For complex high-net-worth estates, a careful accounting protects the fiduciary from later claims and gives beneficiaries the transparency they are entitled to. We prepare accountings and, where disputes arise, represent the parties in contested proceedings.

Honoring the Spousal Right of Election

During administration, a surviving spouse may assert the right of election under EPTL 5-1.1-A to take generally the greater of $50,000 or one-third of the net estate. This claim must be raised within statutory time limits, and it can significantly reshape distributions. We advise both fiduciaries who must account for the election and spouses who wish to assert it.

Trust Administration After Death

Where a revocable trust holds the bulk of the estate, the successor trustee administers it largely outside court: confirming assets, paying expenses, addressing taxes, and distributing to beneficiaries under the trust terms. We help trustees meet their EPTL duties and complete administration efficiently and privately.

This is general information, not legal advice. Estate and trust administration under New York law is detailed and fact-specific. Please consult a licensed New York attorney before acting as a fiduciary or asserting a claim.