Detailed Answer
When someone dies without a will or an executor fails to qualify, the Surrogate’s Court appoints an administrator to settle the estate. Under New York law, the court and statutory rules work together to ensure the administrator meets duty and bond requirements.
Statutory Duties and Bond Requirements
- Fiduciary Duties: EPTL § 11-1.1 outlines the administrator’s obligation to act in the estate’s best interests.
- Bond Requirement: Courts typically order a fiduciary to post a bond to protect estate assets. See SCPA § 707 and EPTL § 11-1.2.
- Inventory Filing: Within six months of appointment, the administrator must file a detailed inventory of all estate assets. See SCPA § 208.
- Periodic Accountings: The administrator must submit periodic and final accountings for court review. See SCPA § 210.
- Judicial Oversight: The Surrogate’s Court reviews all filings, hears objections, and can adjust bond amounts or impose surcharges for breaches.
- Removal and Surcharge: Creditors or beneficiaries may petition to remove an administrator for misconduct. The court can surcharge or replace the fiduciary. See SCPA § 711.
Helpful Hints
- Check your bond amount: Courts calculate bond based on estate value and potential liabilities.
- Track deadlines: Missing the six-month inventory deadline can trigger court sanctions.
- Maintain clear records: Accurate income and expense logs ease accountings.
- Communicate early: Regular updates to beneficiaries reduce objections.
- Address objections quickly: Prompt responses prevent costly surcharges or removal.
- Seek legal guidance: An estate attorney can help navigate filings and court procedures.
Disclaimer: This article is for educational purposes only and does not constitute legal advice.