The fundamental goal of estate settlement is to collect the decedent’s assets, pay all claims and administration expenses and distribute the net estate to beneficiaries. New York estate administration attorneys help their clients accomplish these tasks. Both executors and administrators have fiduciary duties to see to it that the decedent’s affairs are properly handled.
It is not always an easy task to determine the nature of the decedent’s assets. In some cases the decedent’s records may be incomplete or unclear as to asset ownership. Other times, problems may arise due to pre-death transfers of assets or third parties trying to hide the decedent’s ownership for their own benefit. Assets may have been transferred before death to another person by the use of a power of attorney or due to undue influence. Proper estate administration requires that the estate’s interest in these items be thoroughly investigated and Court proceedings be commenced to have third parties turn over estate assets. Continue reading