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Settling an estate is often anything but simple; however, it is a crucial part of what happens after death. Upon death, all of the decedent’s possessions (which include stock, money, real estate, and so forth) become part of their estate. Estate administration is a process that, in its simplest form, is comprised of collecting and managing the estate and assets; paying debts, taxes, and other expenses; and distributing any remaining net estate to the proper beneficiaries. To provide some insight into estate administration services, Jeffrey Weinstein PC will elaborate on some important issues important for the executor of estate.
Although estate administration seems fairly straightforward, the executor of the estate may often be embroiled in complicated legal issues. Problems can begin if the decedent’s account was not closed properly by someone with access to the account with a Power of Attorney. The executor of estate must attempt to obtain the funds from the wrongdoer for the benefit of the decedent. In the Surrogate’s Court Procedure Act, provisions for turnover proceedings are contained so the fiduciary can obtain the assets that rightfully belong to the decedent. The estate fiduciary would possibly need to oppose the claim to protect the interests of the estate, which could lead to estate litigation.
Distributing estate assets can be complicated if the beneficiaries are not in agreement over the amounts they will receive: They are allowed to dispute the actions and claim that the executor of estate did not properly perform his or her duties. These claims or objections often are presented in an Estate Accounting Proceeding, where the fiduciary must present a thorough accounting of all transactions over the estate administration period. The beneficiaries are then granted the right to review all transactions, as well as other related paperwork (for example, bank statements).
Another potential issue that could arise is determining the next of kin during an accounting proceeding. In this case, the court could potentially require that a Kinship Hearing is to be held. This usually happens in the event of cousin cases, or if the closest next-of-kin seems to be a cousin or other distant relatives.
It is important to note that each state has its own probate laws, which determine the requirements and process for estate administration services. Having a qualified estate lawyer, such as those at Jeffrey Weinstein PC, helps to ascertain that your wishes and intentions are carried out in accordance to the law. While many states do have a version of the Uniform Probate Code, there are still many factors to take into consideration during the probate of wills, intestate administration, and so forth. To make use of our professional estate law services in New York City: