Long Island Fiduciary Attorneys Ready To Help You

A fiduciary is someone who is tasked with managing someone else’s affairs such as an executor, trustee, guardian or agent under a Power of Attorney. Being named a fiduciary is a considerable responsibility. You have the responsibility of making decisions that are in the best interest of someone else and you can be held liable if you do not properly follow through as you’ve been instructed. There are different scenarios which can occur that result in you being named a fiduciary. At Davidow, Davidow, Siegel & Stern, we provide all types of fiduciaries with the guidance they need to perform their duties in a way that is legally and morally appropriate.

Serving As Executor

Being named executor in someone’s Will can seem a monumental task. There are numerous matters to be attended to and it can feel overwhelming. Our attorneys sit down with you and explain what is expected of you and what is the best way to fulfill your responsibilities. 

Responsibilities of the Executor may include:  

  • Filing of documents, such as the Probate Petition and supporting documents, Will and Death Certificate
  • Taking inventory of the assets that pass under the Will
  • Collection of all probate assets titled in the sole name of the decedent, maintenance of an estate bank account for seven months.
  • Paying off debts incurred by the decedent
  • Paying expenses related to the distribution of the estate
  • Paying taxes owed by the decedent and/or the estate
  • Managing the assets of the estate
  • Distribution of all remaining assets to the beneficiaries named in the Will
  • Maintaining an accounting of all assets, debts, and distributions and providing this accounting to the Surrogate Court if judicially required

Duties of a Trustee

There are many different types of trusts used in estate planning and it is important to be familiar with the type of trust you are administering when you are named a trustee. At DDSS, we have experience with the myriad of trusts allowed under New York law and how they should be properly administered. Our representation of trustees includes assistance with the following duties:

  • Interpretation of the trust’s terms
  • Guidance on distributions and accountings
  • Daily administration and accounting of the trust
  • Assistance with trust taxation
  • Determination of your fee

Duties of a Power Of Attorney

A Power of Attorney (POA) is able to grant very specific or very broad powers to someone to act on behalf of someone else. It is very important when POAs are crafted that they spell out in their terms exactly what powers are being granted. When you have been named an agent under a POA, you must understand your duties and be cautious not to overstep the power given to you. Our firm is able to offer guidance in the preparation and the execution of multiple types of POAs.

Duties of a Guardian

Someone who is named guardian for either an elderly person or a minor is solely responsible for their personal and medical care and providing them with a place to live. Guardians can have the person they are responsible for either live with them or if necessary, they can arrange to have them cared for elsewhere including in a nursing or assisted living facility. More specifically, guardians are responsible for:

  • providing care, education and support
  • ensuring they have shelter, clothing and food
  • making available and overseeing all medical care
  • preparing them for the future by allowing them to learn a trade, occupation or profession
  • filing an annual report to the court regarding the status of their ward
  • filing taxes

Care Management Guidance

Serving as fiduciary for someone that needs extra support means making decisions regarding their day-to-day care and long term safekeeping. We go above and beyond when helping our clients who are faced with these decisions. The firm has a Director of Elder Law Services on staff who is able to help arrange care in the home or facility for those that need the extra support. By providing unparalleled education and legal guidance, we make our clients feel confident about the decisions they make.

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Or, our firm can do it for you…

When someone is designated as the decision maker they quickly realize that it is an awesome responsibility. They may not have any experience, or don’t want to deal with adversity from other family members. An alternate solution is to entrust our firm to serve as your Executor, Trustee or Power of Attorney. We are knowledgeable, objective and professional and can make decisions in a compassionate manner which results in family harmony.

Consult With A Long Island Fiduciary Attorney At Davidow, Davidow, Siegel & Stern

Serving as a fiduciary is a tremendous responsibility. The attorneys at DDSS can provide the guidance you need to properly serve in your fiduciary capacity. Contact us our firm and let us help you meet your obligations.

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