10 Steps to Take After Being Appointed Executor of A NYC Estate
You Have Been Appointed Executor of An Estate in NYC. What do you do now? A basic checklist of tasks to perform to appropriate settle the estate is provided below. Feel free to contact us for help administering an Estate.
- Review decedent’s Will carefully. Take note of the general bequests and specific bequests. Also take note whether the house is specifically devised or whether there is a directive that the house be sold and the proceeds distributed to certain people.
- Obtain a bond, if so directed by the Court. (Many times the Will is going to direct that the bond be dispensed with but you should double check.)
- Collect all the decedent’s assets. (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).
- Open an estate account and deposit estate assets into estate account. (This is where you place all of the money that you have collected to date.)
- Pay decedent’s bills and debts. (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).
- Obtain appraisals and pay taxes of the estate, if any. (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.)
- Sell any property that needs to be sold and that can be sold. (Speak with your beneficiaries – do they want cash or kind?)
- Pay remaining expenses.
- Prepare an accounting and receipts and release for signature by distributees.
- Make distributions to distributees and pay yourself commissions, once you get approved.
Additional resources provided by the author
For more information, please contact probate and estate planning attorney Regina Kiperman:
Or visit her at her new location:
80 Maiden Lane
New York, NY 10038
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