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New York Estate Accounting Lawyer

Estate accounting is a critical component of the estate administration process. Proper accounting ensures that the estate is managed effectively and that assets are distributed according to the wishes of the decedent. Estate accounting is an intricate process that requires specialized knowledge and skills, particularly when dealing with complex estates with diverse holdings. Whether you are a fiduciary, beneficiary, or simply need guidance on estate planning matters, by working with a trusted New York estate accounting lawyer, you can minimize the potential for disputes and other legal complications that can arise during the administration of an estate.

Estate Accounting in New York

Estate accounting in New York is a legal process that involves the collection, valuation, and distribution of a deceased person's assets. The process is overseen by the Surrogate's Court, which is responsible for ensuring that the estate's assets are properly accounted for and distributed to the rightful heirs. Here's how the estate accounting process works in New York:

  • Appointment of Executor or Administrator: The estate accounting process begins with the appointment of an executor or administrator, who is responsible for managing the estate's assets and liabilities.
  • Inventory of Assets: The executor or administrator is required to file an inventory of the estate's assets with the Surrogate's Court within nine months of the decedent's death. The inventory must include a detailed description of each asset, as well as its estimated value at the time of death.
  • Preparation of Accounting: Once the inventory is filed, the executor or administrator must also file an accounting with the Surrogate's Court, which provides a detailed report of all of the estate's income, expenses, and distributions. The accounting must be prepared in accordance with the Surrogate's Court rules and must be reviewed by the court to ensure that it is accurate and complete. Estate accounting can be a complex and time-consuming process, particularly for estates with significant assets or complex estate plans. In addition, there may be legal and tax issues that need to be addressed during the estate accounting process. As a result, it is important to work with an experienced New York estate accounting lawyer who can provide guidance and support throughout the process.
  • Payment of Debts and Taxes: The executor or administrator is also responsible for paying any debts or taxes owed by the estate, including estate taxes and income taxes.
  • Distribution of Assets: Finally, the estate's assets must be distributed to the beneficiaries in accordance with the terms of the will or trust. The executor or administrator is responsible for ensuring that the assets are distributed correctly and that all legal requirements are met.
Notable Case About Estate Accounting in New York

This notable estate accounting in New York case illustrates the complex issues that can arise during the administration of an estate. Whether dealing with the valuation of assets, the calculation of estate taxes, or the distribution of assets to heirs, it is essential to work with an experienced estate accounting attorney in New York who can provide guidance and support throughout the process.

In re Ruiz, 2022 N.Y. Slip Op. 34518 (N.Y. Surr. Ct. 2022). In the matter of the estate of Lawrence T. Smith, Surrogate Hon. Anthony R. Mole presided over a motion to dismiss a compulsory accounting petition filed by Clare M. Ruiz against the estate executor, Maureen T. Walsh. The deceased, Lawrence T. Smith, left behind a will dividing his estate among beneficiaries, including Clare Ruiz and Maureen Walsh. The motion to dismiss centered on a release signed by petitioner in 2000, acknowledging receipt of her share of the estate. Respondent argued that this release barred any further claims. However, the court found that the nature of the release was unclear and denied the motion, ordering Walsh to file a formal judicial accounting within 60 days. The court emphasized the fiduciary duty of transparency and accountability in estate administration, stating that compelling a judicial account was not a needless exercise. The decision was rendered in favor of Clare M. Ruiz, requiring the executor to complete a formal accounting of the estate.

Contact Stephen Bilkis & Associates

Estate accounting is a critical part of the estate administration process in New York, and it is important to have an experienced estate accounting attorney serving New York guide you through the process. At Stephen Bilkis & Associates we are dedicated to providing personalized guidance to each of our clients. We understand that each estate is unique, and we work closely with our clients to develop customized strategies to ensure the smooth and efficient administration of their estates. Contact us today to learn more about our estate accounting services and how we can help you achieve your goals. Contact us at 800-696-9529 to schedule a free, no obligation consultation regarding your case. We represent clients in the following locations: Manhattan, Long Island, Nassau County, Queens, Brooklyn, Staten Island, Suffolk County, Bronx, and Westchester County.

Client Reviews
Mr. Bilkis handled both my father and mother's estate issues through very difficult times he was compassionate kind and understanding. In fact the whole firm showed great empathy. Despite the emotional hard time we were having that quickly and efficiently handle all the matters that were necessary to get us the result we desired. Can't recommend them enough. B.B.
From the very first phone call to Stephen Bilkis' office, the staff was extremely polite and helpful in assisting me. Mr. Bilkis was honest and upfront with me from the beginning in what he projected the outcome of my case would be; in the end we got better results than either of us anticipated. He was very genuine and compassionate in understanding my situation and how this legal matter could effect not only myself but my family as well. I highly recommend this law firm and will most definitely continue using them for any future legal needs. Jarrett
Stephen has handled numerous estate matters, criminal matters and family court matters effectively and with a goal-oriented approach. He gets great results and is a results-oriented attorney. Dustin