Estate accounting is the most exciting phase of the probate process and the one that beneficiaries most anticipate. It’s when the executor of the estate, having performed their other responsibilities, presents an account of what actions they took, what assets remain and how those assets will be divided. In light of this, everyone has a responsibility to know how estate accounting works in their area. After all, if you aren’t familiar with the intricacies of the process then it’s impossible to know when your rights have been breached as a beneficiary. So, read on to find out all about estate accounting in New York.
As a beneficiary, you have the right to a full report of the estate prior to distribution. That means that you are entitled to see every transaction that the executor of the estate made leading up to this stage. Here you can check that every transaction they initiated was warranted and that the amounts paid were reasonable. If this sounds complicated then you’re in luck, you also have the right to hire an attorney in order to help ensure that the executor of the estate acted appropriately and that you really do receive all that you’re owed.
Assuming that all beneficiaries are satisfied with the contents of the report or are able to settle any grievances with the executor of the estate, they may sign a document called a receipt, release and refunding agreement. Once this is signed, the distribution process will begin. If an agreement isn’t reached, or if some of the beneficiaries are minors, then the matter may be settled by the New York Surrogate’s Court. This, of course, is more expensive and time-consuming than settling disputes outside of court.
Whether you’re a beneficiary or the executor of the estate, when there are disagreements during estate accounting the process can quickly become very complicated. That’s why you need the best law office in NYC to guide you through probate while defending your rights and making sure that you get what you deserve. At Morgan Legal Group we have built a reputation for providing committed estate planning services and always working to secure the best interests of our clients. Come in for a free consultation.