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What are the powers of an Executor of a New York Will?

New York Estate Power and Trust Law “EPTL” 11-1.1 provides that the power of the Executor includes but is not limited to:

(1) Gather assets of the estate;

(2) To invest and reinvest the property of the estate;

(3) To effect and keep in force fire, rent, title, liability, casualty, or other insurance to protect the property of the estate or trust and to protect the fiduciary;

(4) To take possession of, lease, collect the rents from and manage, mortgage, and sell real property;

(5) To employ any bank;

(6) To contest, compromise or otherwise settle any claim in favor of the estate; and

(7) To pay taxes, all other reasonable and proper expenses of administration from the property of the estate, including the reasonable expense of obtaining and continuing his bond and any reasonable counsel fees he may necessarily incur.

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