Executor Duties in NYC: SCPA 2307 Commissions & Co-op Transfers

An executor (named in a will) or administrator (appointed when there is no will) must collect the estate’s assets, secure property, pay debts and taxes, and distribute what remains to the beneficiaries — all as a fiduciary under New York law. In NYC, this regularly means handling a co-op board transfer, filing in the right borough’s Surrogate’s Court, and earning statutory commissions under SCPA 2307.

Executor vs. administrator — what’s the difference?

Executor: Named in a valid will; appointed by the Surrogate’s Court, which issues letters testamentary. Administrator: Appointed when there is no will; the court issues letters of administration. Priority to serve follows SCPA 1001 — spouse first, then children, then other distributees.

The duties are nearly identical; the difference is the source of authority (a will versus the intestacy statute, EPTL 4-1.1).

What are an NYC executor’s duties, step by step?

1. Obtain letters. Petition the borough Surrogate’s Court and receive letters testamentary (or administration).
2. Marshal the assets. Collect bank and brokerage accounts, and take control of the co-op shares or condo.
3. Secure property. Maintain insurance, keep paying co-op maintenance or condo common charges, and protect the apartment.
4. Notify creditors. Identify and notify known creditors and address claims.
5. Pay debts and taxes. Settle valid claims in priority order; file New York and federal estate-tax returns if required (see estate taxes).
6. Transfer or sell real assets. Work with the co-op board to transfer or sell shares, or deed a condo or house.
7. Account. Prepare an informal accounting with releases, or a judicial accounting if anyone objects.
8. Distribute. Pay the beneficiaries and close the estate.

How much is an NYC executor paid? (SCPA 2307)

Executor and administrator commissions are set by statute under SCPA 2307, calculated on the value of assets received and paid out:

Portion of estate	Commission rate (SCPA 2307)
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 taxable income to the executor. A family member serving as executor sometimes waives them, especially when they are also a beneficiary (an inheritance is not taxed as income, but a commission is).

What is an executor’s personal liability?

An executor is a fiduciary held to the Prudent Investor Act, EPTL 11-2.3: invest prudently, diversify, act impartially among beneficiaries, avoid self-dealing, and keep meticulous records. An executor who mismanages assets, pays the wrong creditors, or distributes before debts and taxes are settled can be held personally liable to make the estate whole. This is the single biggest reason NYC executors retain counsel.

Can I decline to serve, or remove an executor?

You can renounce before accepting the role — you are never forced to serve. If a serving fiduciary breaches duties, beneficiaries can petition under SCPA 711 to suspend, remove, or revoke their letters for misconduct, waste, or conflict of interest.

The NYC reality: co-op boards and city property

The defining feature of being an NYC executor is the co-op. Because the decedent owned shares plus a proprietary lease — not real property — transferring or selling the apartment runs through the co-op board’s transfer or approval process. Boards can require financials, references, and an application even for a transfer to a beneficiary, and they can delay closing. Condos are easier (transfer by deed), and a single-family house in, say, eastern Queens or Staten Island transfers like ordinary real property. Knowing which type you hold shapes your timeline and your paperwork.

What is the creditor claims period in New York?

Creditors generally have seven months from the issuance of letters to present claims, and an executor who distributes before that window closes risks personal liability if a valid claim later appears. Debt priority — funeral expenses, administration costs, taxes, then general claims — follows SCPA 1802 and related provisions. Settling debts before distributing is not optional.

Distributee (definition): A person entitled to inherit under intestacy law if there were no will (EPTL 4-1.1).

Frequently asked questions

Does an NYC executor have to be a New York resident? Not necessarily, but a non-domiciliary alien generally cannot serve alone, and out-of-state executors should expect to coordinate filings via NYSCEF.

How are executor commissions calculated in New York? By the SCPA 2307 graduated schedule on assets received and distributed — 5% on the first $100,000, declining to 2% above $5 million.

Can an executor sell the decedent’s co-op? Yes, once letters issue — but the sale or transfer must go through the co-op board’s approval process, which can add time.

What if an executor mishandles the estate? Beneficiaries can petition under SCPA 711 to remove the fiduciary, and the executor may be personally liable for losses under EPTL 11-2.3.

Serve as executor with confidence

Russel Morgan helps NYC executors meet every fiduciary obligation and handle co-op transfers cleanly. Book a 30-minute consultation. See the full probate process.