Executor Duties in New York — Commissions, Liability & SCPA 2307

An executor or administrator of a New York estate must collect the decedent’s assets, pay valid debts and taxes, and distribute what remains to the rightful beneficiaries — all as a fiduciary held to a high legal standard. The role carries real personal liability for mistakes. Whether you serve under a will (executor) or by court appointment without one (administrator), the core duties are nearly identical; the difference is mainly how you are appointed.

Executor vs. administrator

Executor — named in the will and appointed by the court, which issues Letters Testamentary. Administrator — appointed when there is no will, with priority to serve set by SCPA 1001 (surviving spouse first, then children, and so on). The court issues Letters of Administration.

In both cases, the “Letters” are the document banks and transfer agents demand before they will release assets.

Step-by-step duties

1. Marshal the assets — open an estate account, collect bank and brokerage balances, and take control of property.
2. Secure real property and valuables — change locks, insure the home, safeguard a co-op or condo.
3. Identify and notify creditors, then pay valid claims in the order the law requires.
4. File the decedent’s final income-tax returns and any estate-tax returns.
5. Keep meticulous records of every receipt and disbursement.
6. Account to the beneficiaries — informally or by judicial accounting.
7. Distribute the remaining assets under the will or, in intestacy, under EPTL 4-1.1.

Executor commissions (SCPA 2307)

New York pays executors and administrators a statutory commission based on the value of assets they receive and pay out, under SCPA 2307. The graduated schedule is, in general terms:

Portion of the estate	Commission rate
First $100,000	5%
Next $200,000	4%
Next $700,000	3%
Next $4,000,000	2.5%
Above $5,000,000	2%

Commissions are computed on the principal handled, not simply the gross estate, and certain assets (such as specifically bequeathed real property) may be excluded. A fiduciary may also waive commissions — sometimes wise when the executor is also a major beneficiary, since commissions are taxable income while inheritances generally are not.

Personal liability and the prudent-fiduciary standard

A New York fiduciary must invest and manage estate assets under the prudent investor standard of EPTL 11-2.3. An executor who self-deals, lets property deteriorate, makes premature distributions before debts are paid, or invests recklessly can be surcharged — ordered to repay the estate personally. This is why careful executors document everything and retain counsel for anything ambiguous.

Declining or being removed

Renunciation — a person named as executor can decline to serve before accepting the role. Removal — under SCPA 711, the court can remove a fiduciary for misconduct, mismanagement, conflict of interest, or failure to account.

If the named executor cannot or will not serve, a successor or an administrator c.t.a. steps in.

Creditor claims and debt priority (SCPA 1802)

Creditors generally have seven months from the issuance of Letters to present claims (SCPA 1802). A prudent executor waits out this period before making full distributions, because distributing too early can leave the executor personally exposed to a valid late claim. Debts are paid in a statutory order — administration expenses and certain taxes ahead of general unsecured claims.

Local angle: New York co-ops and condos

Manhattan and much of New York City run on co-operative apartments, where the decedent owned shares in a corporation plus a proprietary lease — not real property. As executor you must deal with the co-op board’s transfer process, which can require board approval of the beneficiary and can stall distribution for months. Condos and houses transfer differently, by deed. Because New York has no transfer-on-death deeds, a solely owned co-op or home passes through the estate, putting it squarely in the executor’s hands. The full New York estate guide walks through these property realities in detail.

Frequently asked questions

Do I get paid to be executor? Yes — SCPA 2307 commissions, unless you waive them. Many family executors waive to keep the inheritance tax-free.

Can I be held personally liable? Yes, if you breach fiduciary duty — distributing early, self-dealing, or mismanaging assets can lead to a surcharge under EPTL 11-2.3.

What if I don’t want the job? Renounce before accepting, or once serving, petition to resign. The court will appoint a successor.

Book a 30-minute consultation with Russel Morgan, or review how probate works in New York.