The second phase of an estate involves the collection of the estate`s assets and the payment of liabilities, expenses and taxes. Countless questions can arise at this stage, including legal proceedings to recover assets that may be withheld from the trustee or to defend the estate against lawsuits for alleged debts or other claimed liabilities. The estate may have to evict tenants of real estate or claim an act that was illegally transferred before the death of a deceased. Most estates are settled by a trustee who provides beneficiaries with informal written accounting that they can review and ask questions. If a beneficiary is satisfied that the accounts accurately and faithfully reflect the actions of the executor or administrator, a receipt and release form may be signed. This form essentially acknowledges that the account is accepted and releases the trustee from any other liability. It provides an easy and quick way to pay a discount. If not all interested parties reach an informal agreement, formal forensic accounting is required. This requires lengthy legal proceedings that take several months or more. Objections may be filed in court proceedings, and parties are entitled to disclosure and a hearing. The third and final phase of an estate is to account for the activities of a trustee and distribute the net funds of the estate to the beneficiaries. This process usually involves the creation of an accounting.
The accounts contain a written statement of the various transactions that the trustee has carried out, including the assets and income received, the various expenses and payments made, and the net balance available for distribution. In a recent estate case in the Bronx, beneficiaries of the estate had signed authorizations and waivers after receiving and reviewing informal accounting. On the basis of these discharge documents, the estate administrator had distributed the estate`s funds. The case was titled Advani Estate and was decided on July 12, 2021 by Nelida Malave-Gonzalez of the Bronx. In Advani, after receiving their distribution, the beneficiaries submitted a mandatory court accounting procedure to the court. The surrogate mother found that the parties had received informal accounts and had had the opportunity to review it with a lawyer and an accountant. In addition, the parties who applied for judicial review did not demonstrate bad faith or other misconduct on the part of the administrator. As a result, the court rejected the request for mandatory accounting. When a testator dies without a will, an application for administrative letters is filed with the substitute court. Letters of intent are sent to the designated administrator of the estate. The New York Probate Lawyer Blog contains numerous articles on estate and estate administration. Managing a New York estate can be very complicated and involve many different issues.
In fact, due to various problems, some estates can take years to settle the estate. However, there are three basic elements to the process of administering an estate. Receipt and discharge form. This is a New York form that can be used nationally in Surrogates Court. Tags: Received and released, JA-2, New York Statewide, Surrogates Court Free Download Printed PDF Only OR Buy an interactive PDF version of this form. .
