Long Island Estate Attorneys

New York City Estate Attorneys

The administration of the Estate of a deceased individual is a time consuming process. If there is a will, the first step in the process is the probating of the will. Wills are probated in the State of New York in the Surrogates Court. The probate process involves the court deciding whether the will a legally valid document. The Surrogates Court must ascertain as to whether the will is properly executed by the decedent. Upon submitting the will for probate, the court looks into whether this should become a legally enforceable document and whether the court should give approval to the distribution scheme under the will.

The Executor

The will appoints a person or persons to act as the executor of the estate. The executor (or personal representative) will have the legal power to dispose of the assets of the estate pursuant to the terms of the will.

The executor has the responsibility of dealing with all aspects of the deceased individual’s affairs. He or she must pay from the deceased individual’s assets all debts and taxes. The executor must find all of the decedent’s assets and manage the assets until they are distributed to those persons who inherit under the terms of the will. The executor must locate the beneficiaries under the will and see to it that they receive their share of the proceeds of the estate pursuant to the terms of the will. The executor also must set up an estate bank account and pay the estate expenses during the period of administration. Executors are fiduciaries and are charged with acting fairly, with impartiality and with due diligence.

Steps In The Administration Of An Estate

1. The executor must start the probate process.

2.The executor must notify creditors concerning the estate.

3. The executor must deal with any pending lawsuits or financial problems the decedent had prior to his or her death.

4. The executor must sell real estate or distribute the real estate pursuant to the terms of the will.

5. The executor must pay all taxes which may include federal estate taxes, state estate taxes, gift taxes, federal income taxes and state income taxes.

6. The executor must see to it the costs of the administration of the estate are paid.

7. The executor must make sure after the creditors are paid, the balance of the estate is distributed appropriately to all beneficiaries.

8. The executor must file an accounting with the court and the beneficiaries showing how all of the assets were managed and distributed.

Estate Lawyers

The dedicated experienced estate lawyers at the Law Offices of Schlissel DeCorpo have more than 100 years of combined legal experience representing our valued clients concerning the administration of estates. Whether there is a will or the individual dies intestate (without a will) our law firm can help you appropriately handle the administration of an estate. Call us for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802. Our phones are monitored 24/7.