Handling Simple and Complex Estate Administration
Being the executor of an estate is a solemn duty and privilege, and at the same time can be a burden that distracts from what’s most important during times of grief: family, memories and the mourning process. We provide complete services and help executors fulfill their duties in a compassionate way.
At Makofsky & Associates, P.C., our estate and elder law attorneys will help you make the estate administration process as efficient, simple and hassle-free as possible. We have handled estate administration on Long Island and the New York metropolitan area for more than 22 years.
To schedule an appointment to meet with one of our lawyers call (516) 228-6522 or contact our office online. We will be happy to discuss your case with you.
Estate Administration of Wills and Trusts in New York
Both wills and trusts require estate administration. An executor handles this job when there is a will and a trustee acts on behalf of a trust. We work closely with the executor and trustee to administer the estate or will.
The estate administration process includes:
- Locating, gathering and liquidating assets: All of the decedent’s assets are collected into estate assets. A valid death certificate and letters testamentary (proof of the executor’s authority to act on behalf of the estate) will be necessary to change title of the assets from the decedent to the estate.
- Notifying creditors and paying debts: All known creditors are notified of the administration of the decedent’s estate. Additional publications and notification requirements must be met to provide opportunity for unknown creditors to make claims against the estate. Any claim against the estate must be made within seven months of the end of probate (when the executor is given authority to commence with estate administration). The executor is responsible for reviewing claims and paying legitimate debts. Acting in the interests of the estate, the executor may need to dispute certain creditor claims in estate litigation.
- Paying estate taxes and preparing estate tax returns: The final income tax return of the decedent is filed and applicable taxes are paid. If the value of the estate exceeds a certain amount, state or federal estate tax returns may also be required.
- Distributing assets to the proper beneficiaries: Once all debts and taxes are paid, the remaining assets are distributed to the beneficiaries in accordance with the will or New York intestate laws (which name beneficiaries when there is not a will or when a will was rejected by the court).
- Preparing for estate accountings and Releases to beneficiaries: Before the estate is closed, the executor prepares a final accounting of the estate. The final accounting informs the court and beneficiaries of all estate transactions, including assets collected, estate administration expenses and distributions made. At the close of the estate, the executor requests relief from duties as the executor and the estate is closed.
We Understand the Importance of Family
At Makofsky & Associates, P.C., we are not just lawyers. We are mothers, daughters, sisters and wives. We understand the importance of family and we understand the pain experienced with the passing of a loved one because we have experienced it ourselves. For that reason we always strive to deliver the kind of service we would want if we were clients.
To schedule an appointment with a lawyer at our firm call us today at (516) 228-6522.