Although one of the many duties of an executor is to marshal and appraise estate assets, and, depending on the terms of the governing instrument, liquidate them for purposes of distribution, the fulfillment of these duties may, at times, result in fiduciary liability. That was the case Matter of Billmyer, a recent decision emanating from the Second Department. Ilene Cooper discusses the decision in our latest entry.
Continue Reading Fiduciary Imprudence: When the Sale of an Asset Results in a Surcharge
February 2017
Executor’s Duties Before Receiving Letters
By Brian P. Corrigan on
Posted in Fiduciaries
A nominated executor is obliged to secure estate assets even before the issuance of letters testamentary. But what if the nominated executor expends personal funds to preserve assets that she erroneously believed to belong to the estate? Is she entitled to reimbursement? The Oneida County Surrogate’s Court recently addressed this situation in Matter of Timpano. Brian Corrigan discusses the case in our latest entry.
Continue Reading Executor’s Duties Before Receiving Letters