You Have Been Appointed Administrator of An Estate in NYC. What do you do now? An Estate Administration Checklist of tasks to perform to appropriate settle the estate is provided below. Download our Checklist.
(A bond is like an insurance policy for the beneficiaries of an estate and provides a recovery mechanism for them in the event that there is negligence or malfeasance by the fiduciary)
(You will need to put on your investigator hat and figure out where the money is and how you can collect it into the estate account. Don’t forget Unclaimed Funds and those pesky Computershare stocks).
(This is where you place all of the money that you have collected to date.)
(Funeral and administration expenses come first. You must also pay taxes. If you receive claims, make sure that the claims are in proper order, pursuant to SCPA Article 18).
(If the estate you are handling is greater than $5.4 million dollars you may have to deal with a New York State Estate Tax. If there is real property, you will need appraisals and an inventory of all assets. If your estate consists of stocks, bonds, equities, or other income producing assets, and those assets generate more than $600 of income, you may have to file Fiduciary Income Taxes. You may want to discuss this with your accountant.)
(Speak with your beneficiaries – do they want cash or kind?)
Additional resources provided by the author
For more information, please contact NYC Probate Litigation, Guardianship, NYC Probate and Estate Planning attorney Regina Kiperman:
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