A death is always an unfortunate and extremely sad affair that often is accompanied by confusing financial and legal steps the survivors must take. This task may come on top of commitments to family and work that can’t be set aside. The New York estate itself may be in disarray or scattered among many accounts. Even if there is only a single heir, there are questions of taxation and legal ownership that must be settled immediately.
New York Estate Administration
Here we set out the steps the surviving family members should take. These responsibilities ultimately fall on whoever was appointed executor or personal representative in the deceased family member’s will. Matters can be a bit more complicated in the absence of a will, because it may not be clear who has the responsibility of carrying out these steps.
Collect the valuable property. You will need to determine accurate values of the estate, which may require appraisals, and then distribute the property as the deceased directed.
When you’re ready meet with a New York Estate Administration attorney to review the steps necessary to administer the deceased’s estate. Bring as much information as possible about finances, taxes and debts. Don’t worry about putting the papers in order first; the lawyer will have experience in organizing and understanding confusing financial statements.
Your New York Estate administration attorney will help whoever is left in charge still has to pay all debts, file tax returns, and distribute the property to the rightful heirs. You can make it easier for your heirs by keeping good records of your assets and liabilities. This will shorten the process and reduce the legal bill.