The accounting of the estate is the most exciting step in the probate process. After waiting for debts and taxes to be paid, the beneficiaries finally get to review the executor of the estate’s work and take home their slice of the estate. Similarly, the executor of the estate finally gets to relax having discharged their duties. Everyone loves accountings, but not many people know the details about them. There’s more to accountings than just disbursing assets which is why you need our guide to the top secrets of New York estate accountings.
The Rights of Beneficiaries
During the accounting beneficiaries can and should do more than simply sit back and receive their inheritance. Beneficiaries can also review the full account of the executor of the estate’s actions and make sure that those actions make sense. This is vital, if the executor of the estate didn’t fulfill their duty then beneficiaries need to find out. Reviewing the account and making sure everything is in order is a lot of paperwork. However there’s no need to worry because beneficiaries also have the right to hire an attorney to take care of it for them.
Judicial Accountings
While the accounting of the estate is definitely exciting, it’s not a process that anyone involved wants to drag out. However, if a beneficiary disagrees with the executor of the estate’s actions, the executor of the estate anticipates such a disagreement or a court order is issued, the accounting can be handed over to the Surrogate’s Court. Here, the court will pore over the account and beneficiaries will have a chance to raise their objections. Of course, this process can be lengthy. However, if you feel the executor of the estate has cheated you then you need to know about judicial accountings and not be afraid to take your concerns to court.
Most people only know of estate accountings as the point when they finally get their inheritance. As you can see though, beneficiaries have rights and responsibilities that few are aware of. If you want to help your heirs avoid this headache and get their assets quickly and easily, a skilled estate planning attorney can help you avoid probate. At Morgan Legal Group we take a unique, personalized approach to estate planning and can come up with the ideal solution for your situation. Your heirs won’t have to sit around waiting for an accounting, come in for a free consultation.