The Executor or Administrator of an estate owes a duty of fair dealing to all of the estate beneficiaries. A New York Estate Lawyer who represents the estate fiduciary is aware that there must be a full accounting in order to finally settle the estate affairs.
In most cases, the estate fiduciary will prepare an estate accounting which specifies all of the assets and income that was collected by the estate. The accounting also lists all of the debts and administration expenses which were paid out of estate funds. The New York Probate Lawyer Blog has posted a number of articles discussing accountings in an estate. When the account is prepared, all of the estate beneficiaries have an opportunity to review the various schedules and to inquire as to any matters that might be questionable. This process is usually done on an informal basis. Once all of the interested parties are satisfied with the accounting, they typically sign a Release form that provides that they have no objection to the information in the accounting and thereby release the fiduciary from any claims they have regarding the fiduciary’s conduct in administering the estate. Continue reading →