How is an Estate Administered in New York?

How is an Estate Administered in New York?

Losing a loved one is a difficult time in a person’s life. While they may not want to think about what comes next, it is important to know what to do when administering a deceased individual’s estate plan so that it is done properly. Continue reading below to learn more and retain the services of a skilled New York estate planning attorney when dealing with these matters. 

What is the Probate Process?

It is important for everyone to create an estate plan at some point in their life so that they have a plan for what happens to their assets in the event of their death. When assets are left without a plan, they can be handled by probate court. This pays debts, gathers assets, and transfers remaining property to beneficiaries. Individuals who are trusted to administer an estate must understand how to take care of this process, as they must handle the assets and money to complete it. Once these matters are resolved, a petition can be filed with the probate court to request that the remaining assets can be distributed. 

What is the trust administration process like?

If a person dies without putting their assets into a trust, probate may also be necessary to ensure matters of debts, taxes, title transfers, and additional arrangements are settled. The different tasks that an estate planning attorney can do to help estate administrators during this time can include the following:

  • Monitor trust terms to ensure all assets are paid out on time
  • Marshal assets and obtain appraisals
  • Help with the sale of assets
  • Help distribute assets to beneficiaries
  • Accountings — either formal or informal
  • Keep track of contingencies and other provisions
  • Provide notifications to government agencies as required by law
  • Negotiate with and pay creditors

Contact our Firm

If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.

Explore More Of Our Practice Areas

Are you a service member or veteran of the U.S. Military?

We appreciate your service and we want to serve you! We proudly offer Free Consultations for veterans.

Get a Consultation

Send Us A Message

  • This field is for validation purposes and should be left unchanged.

Read Our Latest Blog Posts