The settlement of an estate in New York involves the preparation of an account by the fiduciary. Executors and Administrators need to assemble an account that provides information regarding the transactions that occurred during the administration of the estate.
New York estate lawyers are familiar with the provisions of the Surrogate’s Court Procedure Act (“SCPA”) that relate to accountings. These provisions are contained in Article 22 of the statute. The provisions of the law and the Surrogate’s Court Judges are generally liberal with regard to the right of an estate beneficiary to receive documents and information relating to a fiduciary’s handling of estate affairs. SCPA Section 2211 provides, in part, that the fiduciary can be examined under oath either before or after objections are filed. This section also allows document discovery to occur during such examination period. As a result, an estate beneficiary can obtain copies of bank statements, brokerage statements, expense receipts and bills, estate tax returns and other papers that can provide information as to whether there are any issues concerning the accuracy or validity of the account. In the event the beneficiary feels that the account is improper he can file Objections with the Court. Continue reading →