A New York Executor can face liability for estate losses incurred during the period after the Decedent's death but before the issuance of letters testamentary. Courts have held that the authority of an Executor is derived from the Will, not from the letters issued by the Surrogate. See Matter of Yarm, 119 AD2d 754 (2d Dept 1986) citing In re Horowitz Will, 297 NY 252 (1948). An Executor must preserve the estate assets such as stocks and bonds to ensure that they are protected for the beneficiaries.

Bronx, New York probate lawyer Bryan J Hutchinson is knowledgeable in helping the residents of the Bronx, Queens, Brooklyn, and Manhattan in all phases of a New York probate and administration proceeding. Needless delay in filing for probate may expose estate assets such as stocks and bonds to market forces resulting in losses to the estate. Please call the Law Office of Bryan J. Hutchinson, PLLC at (718) 671-0900 to file for probate and preserve the assets of the estate.