Did You Know That A New York Executor or Administrator Has A Duty To Provide A Full Accounting

There are many different aspects to the settlement of a New York estate.  The initial stages of handling an estate involves the process of either probating a Last Will and Testament or obtaining the appointment of an estate administrator in the case of intestacy.  Each of these proceedings, whether it may be probate or intestacy, can be complicated and lengthy in process. For example, a probate case in Surrogate’s Court may be delayed due to a Will Contest. As to an intestate administration, this type of matter can be burdened with the need for a kinship hearing or a dispute among heirs as to whom should be appointed as the estate administrator.

Once an Executor or Administrator is appointed for an estate, the fiduciary has an obligation to determine and collect estate assets and to resolve all issues which might affect the decedent’s estate.  These issues may involve disputes or litigation with creditors or the sale of assets such as real estate or a cooperative apartment.  There may be ongoing expenses due to loans or mortgages and even foreclosure proceedings.

Throughout all the steps a fiduciary must engage in, he owes a fiduciary duty to the beneficiaries to act properly and protect the estate’s interest.  All of a fiduciary’s actions are subject to review and approval.  This approval process is completed by a fiduciary through preparing an Accounting of his acts.  A fiduciary accounting is a document which reflects in various Schedules a financial picture of the estate.  The New York Probate Lawyer Blog has previously published many articles concerning accountings and also estate settlement including probate and intestate administration.

The Schedules in an accounting include descriptions of the value of assets collected, income collected, gains and losses on sale of assets, estate expenses, distributions made and a statement of the balance of assets remaining on hand.  There are also Schedules showing a calculation of administrator or executor commissions.

Upon receipt from a fiduciary of an accounting, the beneficiaries may informally agree and accept the accounting as accurate.  In the event there are disputes regarding a fiduciary’s acts, then a formal account will be filed with the Surrogate’s Court.  The beneficiaries then have an opportunity in a full Court proceeding to examine the fiduciary’s accounting statements and papers and also to obtain the deposition testimony of the accounting party.

A recent Ulster County estate case decided by Ulster County Surrogate Sara W. McGinty entitled Estate of Santo William Militello, decided on March 19, 2025, provides a good example of the accounting process.  In Militello, an estate beneficiary commenced a proceeding to compel the estate administrator to file an accounting.  After the filing and a Court review, it was found that the administrator had breached fiduciary duties, made improper transfers of estate funds and failed to properly account for financial transactions.

Accounting proceedings in the Surrogate’s Court can be very complex.  The assistance of experienced legal representation may be essential.  I have been representing fiduciaries and beneficiaries in accounting and other estate cases in New York for over 40 years. Do you have a question regarding an estate case or accounting matter? Call me now for a free confidential review.  We provide reasonable and flexible fee arrangements and personal representation.

New York Trusts and Estates Attorney Jules Martin Haas has helped many clients over the past 40 years resolve issues relating to guardianship and probate and estate settlement throughout New York City including the Bronx, Queens, Brooklyn, Manhattan, Nassau and Suffolk County, If you or someone you know has any questions regarding these matters, please contact me at (212) 355-2575 for an initial free consultation.