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People also ask
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Who can act as administrator of an estate in NY?
If you have multiple next of kin on one level, like brothers and sisters, the court will usually name them as co-administrators; or, the Surrogate's Court may name a person as administrator if all the next of kin agree, even if that person is not first in priority.
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What is the difference between executor and administrator of an estate?
An executor is someone who has been named in the will to manage your estate after you die. An administrator is someone who takes charge of your estate if you die without a will.
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What is an administrator of the estate?
An estate administrator is the appointed legal representative of the deceased. The legal representative may be a surviving spouse, other family member, executor named in the will or an attorney. In general, the estate administrator: Collects all the assets of the deceased. Pays creditors.
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How long does it take to become administrator of an estate in NY?
Assuming all the relevant documents have been filed, on average, it takes 3 to 6 weeks to receive a letter of administration in New York. If someone is contesting your right to administer the estate, this process could take years.
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What is an individual's estate?
An estate is everything comprising the net worth of an individual, including all land and real estate, possessions, financial securities, cash, and other assets that the individual owns or has a controlling interest in.
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How much does an administrator of an estate get paid in New York?
The commission rate in New York for each Executor is 5% on the first $100,000 in the estate, 4% on the next $200,000, 3% on the next $700,000, 2-1/2 % on the next $4,000,000 and 2% on any amount above $5,000,000.
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Who can be an administrator of an estate in New York?
If you are the deceased's next of kin or are in line to inherit from the estate, you may be named an estate administrator.
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What power does an administrator have?
It is an administrator's job to gather all of the assets of the estate, pay the debts of the estate, and distribute the assets to the beneficiaries in ance with the will or the laws of intestate succession.
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