Did you know that administering a New York estate can be a very complex matter. Estates can vary in nature. There can be an Administration Estate when a person dies intestate (without a Last Will). There can be a Probate Estate when a person dies with a Will that is admitted to probate in the Surrogate’s Court. In a probate case the Court appoints an Executor. In an Administration case the Court appoints an Administrator.
The New York Probate Lawyer Blog has discussed many issues concerning estate settlement. Each estate can face unique problems that the estate fiduciary needs to anticipate and address. In some matters the decedent may have incurred a lot of debt or other monetary obligations that must be paid out of estate funds. In other situations the estate may be responsible to pay for various taxes related to the decedent. These taxes can be State or Federal income taxes that are due to income prior to the decedent’s death. There may also be income taxes incurred by the estate. Estate taxes may need to be provided for. Both New York State and the Federal government impose estate taxes. In all these matters, the estate fiduciary must be very cautious and make certain that estate liabilities are paid. The fiduciary can be personally liable if these obligations are not properly addressed.If an estate fiduciary does not properly pay or resolve estate expenses and liabilities he may be found to have breached his fiduciary duty. Of course, when the estate financial obligations are large, the amount of estate funds remaining to be paid to estate beneficiaries will be diminished. Even large estates can feel the impact of these costs. In an article at TMZ.com on February 22, 2018, entitled “Prince’s Heirs Worried Estate’s Burning Cash Will Leave Them With Nothing” it was reported that the estate of the late rock star Prince, was spending hundreds of thousands of dollars a month to manage the estate. The estate heirs are said to be concerned that their inheritance is being dissipated.
Beneficiaries have the opportunity to review estate expenses and payments in a final accounting. The fiduciary must provide each beneficiary with an accounting of the estate transactions. If a beneficiary feels that the fiduciary did not act properly or some cost or expense is not valid then Objections can be filed with the Surrogate’s Court.
I have represented Executors and Administrators who are settling an estate. My services include providing guidance with managing estate affairs and dealing with assets and liabilities. I also provide representation to beneficiaries of estates. If you have a question regarding estate administration or settlement, call me now for a free review.
New York Trusts and Estates Attorney Jules Martin Haas has helped many clients over the past 30 years resolve issues relating to probate and estate settlement throughout New York City including Manhattan and Brooklyn. If you or someone you know has any questions regarding these matters, please contact me at (212) 355-2575 for an initial consultation.