Executor and Trustee

As an Executor and Trustee, What Do You Need to Know?

An Executor and Trustee and an Administrator are all what are generally known as fiduciaries. Fiduciaries have many duties and responsibilities. These obligations are set forth in statutes and by the courts which have developed standards of conduct to be followed by fiduciaries.  An New York City estate planning lawyer can explain them in greater detail.

Executors and Trustees and Administrators are all generally accountable and responsible to the court and to the persons who are the beneficiaries for the assets which they administer.   Such responsibilities involve duties of care so that assets are protected, obligations that prohibit self-dealing and a duty to account for the assets they collect and payments they make.

As a New York City lawyer, I have represented many fiduciaries such as an Executor and Trustee and Administrator. I have worked closely with them to assist them in fulfilling their responsibilities and providing for beneficiaries.

Sometimes there is confusion as to the difference between an Executor and Trustee.  When a person executes a Last Will, he typically nominates an Executor and substitute or successor Executors.  The job of the Executor is to follow and carry out the terms of the Will.  Once the Will is admitted to probate, it becomes validated by the Court.  Say for example, that the Will says that the decedent's house is to be sold and that the proceeds from the sale are to be divided into three shares, the Will further states that two of the shares are to be given to two named estate beneficiaries,  However, the third share is to be given to a Trustee to be held in trust pursuant to the trust terms that are set forth in the Will.  This is called a testamentary trust.  The Will typically names the Trustee. Once the executor pays the proceeds to the Trustee, the executor's job is finished and the Trustee takes over and administers the trust assets according to the Will provisions.  It is possible, and often occurs, that the person named as Executor also acts as the Trustee.

Executors and Trustees serve an important role in Estate Planning.  They are essential in implementing and fulfilling the intent of the creator regarding the disposition of assets.  They can also have a vital role in safeguarding the economic welfare of minor children and beneficiaries who suffer from disabilities.  It is common that a New York Estate Plan will include a Supplemental Needs Trust to benefit someone who is receiving governmental benefits such as Medicaid or social security disability.  An attorney may be helpful in this process, and I have worked with many clients regarding these matters.

I graduated in the top 10% of my class at New England School of Law in Boston and  served on the prestigious “Law Review.” I have been an attorney at law in my own law practice in New York City since 1985.  I enjoy working hard for each of my clients to meet their needs. I am dedicated to working through the nuances of case detail, uncovering something that didn't initially seem obvious, and coming to grips with things that can't be controlled in order to resolve their case. I represent clients throughout New York.

If you have any questions just call (212) 355-2575 and someone will assist you or e-mail for an appointment with a New York City lawyer.

Client Reviews
Jules Haas helped me with managing the process in probate court for my father's estate through to its completion upon the sale of my father's house. He was knowledgeable, efficient, and effective in submitting documentation to the probate court, explaining procedures to me, and advising me as to the progress of my case. His support staff was also very helpful. He made what for me created so much anxiety into something manageable where I could see progress every step of the way. His fees were very reasonable. I am super grateful to him for all the help he has provided and strongly recommend his services.
★★★★★
I found Mr. Haas after being misguided by a former attorney. Mr. Jules Haas took our case which involved an estate/trust dispute. What initially seemed like an impossible and overwhelming legal fight was now in the hands of someone who had the integrity and legal expertise to win our case. Mr Haas' attention to detail and his expert knowledge base, skillfully and successfully guided us through an intricate legal process. I am very thankful and grateful to Mr. Jules Haas for representing our interest and ultimately winning. Bringing about a peace of mind we needed. Thank You Devida Nedd
★★★★★
I was in need of a guardianship attorney and I hired the services of Jules M. Haas' Law firm. The service of counselor Haas and his staff, was very profesional and the case was handled in a timely matter. I would strongly recommend his services Angel Guevara
★★★★★
I strongly recommend Jules Haas. I have worked with him for two years and he has provided so much support and followed through with everything he promised he would do. His support staff is just as helpful! We had an interesting case and he helped to solve each part of it legally and was very thorough. Thank you for everything you have done to finalize our families estate Robyn Stafford
★★★★★