Administering an estate in New York involves significant responsibilities that demand attention to detail and careful planning to avoid potential litigation. Please watch this short video or read the entire script below, which will provide crucial insight for estate administrators, highlighting three vital strategies to ensure a smooth process and minimize the risk of disputes.
With these strategies, you can confidently manage estate administration while averting legal complications.
Protect Yourself. As an appointed administrator of an estate, you have several important duties and obligations to fulfill. Failure to do these may cause you to be sued later! We at Sverdlov Law, a New York probate law firm, want to tell you three important things to remember when you are administering an estate.
Keep detailed records. First – You have a duty to keep records of all financial transactions and activities related to the Estate. This includes assets, income, expenses, and distributions. You may have to provide both the court and the beneficiaries with a full accounting prior to closing out the estate proceeding. To make this process easier, you should always keep copies of important documents such as receipts, checks, disbursements, bank statements, and tax returns.
Stay organized. Second – To make the process of administering an estate easier, create a timeline for the process. Identify specific tasks and keep track of their deadlines. This includes tax payments, court hearings, maintenance on real estate properties owned by the estate, and any lawsuits pending. Keep this along with all important documents related to the estate in one place.
Get professional help. Administering an estate can be a complicated process, especially if the value of the estate is high, if there are complex assets such as businesses, or if the beneficiaries are fighting with each other. If you’re feeling overwhelmed, it’s important to seek professional help. That way mistakes or missed deadlines which could cause delays and legal problems can be avoided. Hiring an attorney who specializes in administration in New York, an accountant, an appraiser, and/or a financial advisor will help ensure the process goes smoothly.
We can help. If you are the appointed administrator of an estate and have questions or would like some assistance, please book a consultation on the link below or call us at 212-709-8112 and we will be happy to assist you.