ACCOUNTING FOR THE ASSETS OF AN ESTATE
Accounting for the handling of an Estate is an important part of the job of an Executor of Administrator that is often misunderstood.
The Executor or Administrator of an estate must give a detailed account of the:
assets of the estate received,
income earned by the assets of the estate,
expenses incurred in administering the estate,
debts paid on behalf of the decedent or the estate,
payment of claims against the estate,
loss/decrease of assets of the estate,
distributions made to beneficiaries/distributees
and other actions taken by the Executor or Administrator in settling the affairs of the estate.
As Executor or Administrator, you have the option of preparing an Informal Accounting, submitting that document with a Receipt and Release to the distributees or Beneficiaries of the estate and then filing the original Receipt and Releases with the Surrogate's Court.
When unresolved issues exist, an Executor or Administrator can petition the Surrogate's Court to settle his/her handling of the Estate or can be compelled to account. See SCPA 2208 and SCPA 2206.
An Executor or Administrator can be compelled by Surrogate's Court Order to file an Accounting as early as seven (7) months after Letters of Administration or Letters Testamentary were issued by the Court. See SCPA 2205. The failure to Account can result in an Order of Contempt of Court, Suspension, Revocation of Letters (removal) or even a Surcharge.
The accounting filed with the Surrogate's Court is actually a Petition (pleading) with related financial and informational schedules attached. A Citation is issued and served upon parties with a legal or statutory interest in the Estate who will often file a responsive pleading (Answer or Objections) to the Petition and demand Discovery proceedings.
If you
- are an estate administrator compelled to account
- are an estate executor compelled to account
- are defending a contested accounting
- need to consult with a New York Judicial Accounting Attorney
- need to consult regarding your Executor responsibilities
- need to consult regarding your Administrator responsibilities, thenthen
Schedule a free 15 Minute Executor/Administrator Accounting Telephone Strategy Session to
- Learn what to do when beneficiaries are demanding distributions before all assets are collected
- How to prepare your Accounting of the Estate's assets & expenses
- Speak with an experienced attorney to explain the Accounting & related Litigation process
The Executor or Administrator of an estate must give a detailed account of the:
assets of the estate received,
income earned by the assets of the estate,
expenses incurred in administering the estate,
debts paid on behalf of the decedent or the estate,
payment of claims against the estate,
loss/decrease of assets of the estate,
distributions made to beneficiaries/distributees
and other actions taken by the Executor or Administrator in settling the affairs of the estate.
As Executor or Administrator, you have the option of preparing an Informal Accounting, submitting that document with a Receipt and Release to the distributees or Beneficiaries of the estate and then filing the original Receipt and Releases with the Surrogate's Court.
When unresolved issues exist, an Executor or Administrator can petition the Surrogate's Court to settle his/her handling of the Estate or can be compelled to account. See SCPA 2208 and SCPA 2206.
An Executor or Administrator can be compelled by Surrogate's Court Order to file an Accounting as early as seven (7) months after Letters of Administration or Letters Testamentary were issued by the Court. See SCPA 2205. The failure to Account can result in an Order of Contempt of Court, Suspension, Revocation of Letters (removal) or even a Surcharge.
The accounting filed with the Surrogate's Court is actually a Petition (pleading) with related financial and informational schedules attached. A Citation is issued and served upon parties with a legal or statutory interest in the Estate who will often file a responsive pleading (Answer or Objections) to the Petition and demand Discovery proceedings.
If you
- are an estate administrator compelled to account
- are an estate executor compelled to account
- are defending a contested accounting
- need to consult with a New York Judicial Accounting Attorney
- need to consult regarding your Executor responsibilities
- need to consult regarding your Administrator responsibilities, thenthen
Schedule a free 15 Minute Executor/Administrator Accounting Telephone Strategy Session to
- Learn what to do when beneficiaries are demanding distributions before all assets are collected
- How to prepare your Accounting of the Estate's assets & expenses
- Speak with an experienced attorney to explain the Accounting & related Litigation process