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 Law Group, 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 since 1991.
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 trust.
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 may be required to provide an opportunity for unknown creditors to make claims against the estate. Any claim against the estate must be made within seven months from the issuance of Letters Testamentary (when the executor is given authority from the court to commence the estate administration process). 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 Law Group, 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.
CALL US FOR PEACE OF MIND TODAY
PHONE: (516) 228-6522
FAX: (516) 228-6525
600 OLD COUNTRY ROAD - SUITE 444 GARDEN CITY, NEW YORK 11530-2009
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LOCATED IN GARDEN CITY, NEW YORK, MAKOFSKY LAW GROUP, P.C. (formerly Makofsky & Associates, P.C. formerly Raskin & Makofsky, LLP) HAS SERVED CLIENTS IN AREAS INCLUDING LONG ISLAND, NEW YORK CITY, MANHATTAN, QUEENS, BROOKLYN, BRONX, WHITE PLAINS, MINEOLA, HEMPSTEAD, LEVITTOWN, MASSAPEQUA, BETHPAGE, SYOSSET, OYSTER BAY, GLEN COVE, PORT WASHINGTON, MANHASSET, GREAT NECK, WOODMERE, VALLEY STREAM, ELMONT, FLORAL PARK, FLUSHING, KEW GARDENS AND FOREST HILLS, NEW HYDE PARK, EAST MEADOW, PLAINVIEW, Merrick, Westbury, Long Beach, Oceanside, Franklin Square, Huntington and Rockville Centre.
Attorney Advertising: Information contained in this website may be considered attorney advertising. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.
*Certified as an Elder Law Attorney by the National Elder Law Foundation as approved by the American Bar Association. Certification is not required for the practice of law in the State of New York.