Administration of Estates
What is Estate Administration?
The New York Surrogate’s Court Procedure Act defines the word estate as “all of the property of a decedent, trust, internee or person for whom a guardian has been appointed.” Estate administration is the process of collecting and preserving or investing the assets of an estate and prioritizing and paying all claims of creditors and beneficiaries. This process is carried out by the authorized fiduciary of the estate, such as the executor, administrator, trustee, or guardian.