Tackling the New York probate process as an executor involves a significant set of responsibilities. From validating the will and inventorying the estate’s assets to settling debts and distributing property according to the will, the role demands diligence and keen attention to legal details. Missteps can lead to delays, disputes, or financial losses. Whether you’re newly appointed or just planning ahead, understanding each phase of your duties is crucial.
At Sishodia PLLC, our team of knowledgeable New York estate probate lawyers is ready to guide you through each step of the probate process. With our assistance, you can approach your responsibilities with confidence, knowing that the legal aspects of the estate are managed correctly and efficiently. Let us help you fulfill your role effectively and with peace of mind.
If you’re facing the task of executing a will in New York and feel overwhelmed, don’t hesitate to reach out. Contact Sishodia PLLC today at (833) 616-4646 to discuss how we can assist you in managing your executor duties.
Executor Checklist in New York Probate
This checklist outlines the essential duties and deadlines you need to manage as an executor in New York, ensuring a smooth and efficient progression through the probate proceedings.
1. Confirm Your Role as Executor
- Locate the Original Will: Confirm your appointment as executor by locating the original will.
- Filing the will with Surrogate Court: The will must be filed with the appropriate Surrogate’s Court in the county of the decedent’s residence. A knowledgeable trust and estate attorney can assist in preparing essential documents, such as:
- Initial petition for probate
- Waivers and consents from beneficiaries
- Affidavits of heirship and family tree affidavits
- Affidavit of mailings, citations, and notices to beneficiaries
- Documentation of the estate’s assets
- Keep the Will Safe: Store the original will in a secure place before starting the probate process.
2. Locate and Organize Important Documents
- Will: Ensure the original copy is located and intact.
- Trust Documents: Gather all living trust documents if applicable.
- Financial Information: Organize bank accounts, investment statements, insurance policies, pension documents, IRAs, Social Security information, time share account numbers, deeds, and credit card information.
- Professional Contacts: Collect contact information for the decedent’s attorney, accountant, and financial advisors.
- Other Records: Military records, car titles, real estate documents, tax returns, and any other relevant paperwork.
3. Identify All Estate Assets and Liabilities
- Compile a complete list of all assets, including real estate, bank accounts, personal property, and investments.
- Identify and list all liabilities, such as mortgages, loans, credit card debts, and other obligations.
4. Obtain Copies of the Death Certificate
- Certified Copies: Obtain 10–20 certified copies of the death certificate, either from the funeral home or the local municipal office (town clerk or state medical examiner’s office). These are necessary for notifying banks, insurance companies, and government agencies.
5. Determine if Probate is Required
- Review Trusts: If the decedent had a living trust, assets held in the trust may avoid probate. The trustee can distribute these assets according to the trust’s terms.
- Assets Outside of Probate: Remember that some assets pass outside probate, such as:
- Life insurance proceeds
- Property held in joint tenancy or tenancy by the entirety
- Accounts with Payable on Death (POD) beneficiaries
- Retirement benefits with designated beneficiaries
- Property held in a trust
- Probate Process: For assets not in trust, you will need to file for probate in the Surrogate’s Court. An attorney can guide you through filing petitions, submitting necessary documents, and notifying beneficiaries.
6. Notify the beneficiaries about probate
- Notify Heirs: Notify all heirs and beneficiaries that the probate process has begun.
7. Notify Social Security, Banks, and Creditors
- Social Security: Notify the Social Security Administration to stop payments and apply for any death benefits if applicable.
- Financial Institutions: Notify banks, credit card companies, and other creditors of the decedent’s death, providing certified copies of the death certificate.
8. Open an Estate Bank Account
- Create an Estate Account: Open a bank account in the estate’s name to manage estate finances.
- Manage Estate Funds: Deposit any incoming funds, such as paychecks or refunds, and use this account to pay final bills, taxes, and any other expenses.
9. Inventory and Manage Estate Property
- Create an Asset Inventory: Make a detailed list of all assets, including real estate, vehicles, personal property, and investments.
- Appraisals: For valuable items such as artwork, collectibles, or real estate, get professional appraisals to establish the fair market value.
- Property Maintenance: Maintain real estate and personal property, ensuring mortgages, utilities, and insurance remain current until assets can be sold or distributed.
10. Pay Estate Debts and Taxes
- Ongoing Bills: Ensure all regular bills (e.g., mortgages, utilities, property taxes) are paid from the estate’s bank account.
- Debts: Settle all outstanding debts, including credit cards, loans, and any other liabilities.
- Taxes: File final income tax returns for the decedent. If required, file federal and New York estate tax returns within nine months of the date of death.
11. Distribute Assets to Beneficiaries
- Settlement of Liabilities: After all debts, taxes, and administrative expenses are paid, distribute the remaining estate assets to the beneficiaries as outlined in the will or New York law (if no will exists).
- Acknowledgments: Collect written receipts from beneficiaries to confirm they have received their share of the estate.
12. File Final Accounting with the Court
- Court Approval: File a final accounting with the Surrogate’s Court detailing how the estate was managed and how assets were distributed.
- Close the Estate: Once the court approves the accounting, the estate can be closed.
13. Seek Professional Help
- Attorney Assistance: Work with an estate attorney for legal advice and help with filing probate documents, handling disputes, or complicated tax issues. Your team of knowledgeable probate attorneys at Sishodia PLLC can assist with any part of the probate process.
- Financial Advisors: Consult with a financial advisor or accountant to handle tax filings, manage investments, or plan distributions.
- Appraisers and Auctioneers: Engage professionals if you need to appraise or sell estate assets like real estate, art, or collectibles.
This comprehensive checklist provides a clear pathway for executors handling estates in New York and highlights the importance of seeking professional guidance to handle and address probate and tax issues.
Get Experienced Legal Help From Our New York Estate Probate Attorneys Today
Fulfilling your role as an executor is a crucial yet challenging responsibility that requires clear understanding and meticulous attention to legal details. At Sishodia PLLC, our experienced New York City probate attorneys are prepared to support you through each step of the process.
If you are preparing to undertake or are currently managing executor duties, reach out to Sishodia PLLC today at (833) 616-4646. Let us help you carry out your responsibilities effectively and with the utmost care, providing you the peace of mind that every aspect of the probate process is handled professionally. Contact us today to learn more about how our legal support can make a difference in your role as an executor.