The New York Probate Lawyer Blog has talked about many different aspects of estate settlement. An estate fiduciary such as an Executor or Administrator has a fiduciary obligation to identify, locate and collect estate assets.
In numerous instances, the decedent may have been involved in business or other transactions where his ownership interest in assets may be unclear or complicated by other factors. Likewise, third parties may be in physical possession of assets that are claimed to be owned by an estate but might have been the subject of a gift. Regardless of the situation, the estate fiduciary must determine the true owner of the asset and use all reasonable efforts to collect the asset on behalf of the estate. A recent case decided by Brooklyn Surrogate Diana Johnson on April 21, 2015 entitled Estate of Elberg, provides insight into the problems that an estate executor may face in recovering estate items. Continue reading →