Skilled Legal Help with Probate Matters from Reputable Estate Administration Attorneys in New York
Estate administration is the process of winding down the business and personal affairs of an individual after they have passed away. Lissner & Lissner LLP provides experienced trust and estate administrative services as well as personal legal care to meet the needs of family members during challenging times.
Regardless of the size and complexity of an estate plan, experience and knowledge are needed to administer an estate, manage associated trusts, and ensure the wishes of the deceased are carried out. Our law firm professionally supports your family throughout the probate process.
Trusted help with estate administration and probate in New York
When a family member passes away, their estate is processed through probate or Surrogate’s Court, to ensure that beneficiaries receive bequests, accounts are closed, and debts are paid. The person who is named in the estate plan as executor or personal representative has the legal duty to accurately and carefully ensure the estate plan is carried out.
If an executor, or fiduciary, is not named in the will, a family member may come forward for appointment by the court. While legal counsel for the executor is not required, it is a good idea to work with an estate administration attorney familiar with the laws of the state in which the estate is probated.
The presence of a will is critical for the division of a personal estate. If an individual does not create a will or estate plan, their possessions, assets, and wealth will be divided according to the laws of the state, not the wishes of the individual. A will is the opportunity and right of each person to provide direction and make decisions about the distribution of their estate after death.
While the specific tasks of each executor depend on the unique nature of the estate in probate, responsibilities of the executor usually include:
Identify: At the outset, an executor creates an inventory of the estate. The fiduciary must investigate the estate, review the estate plan, and create a list of possessions, assets, accounts, and other instruments that are owned by the deceased. This represents the entirety of the estate, including debt owed.
Valuation: It is the job of the executor to obtain appraisals, retain specialists, and verify the value of the estate.
Distribute: When the value and debt of the estate is identified, the executor pays the expenses of the estate, including any debt to creditors. Assets and the wealth of the estate that are not already the subject of a trust are distributed to beneficiaries.
Wind-down: An accounting and final tax return for the estate is prepared and filed by the executor. If there are no challenges, the documentation is accepted and the estate is settled.
Throughout the probate process, there may be legal and other challenges made against the executor or the estate. Our firm provides specialized financial, valuation, and litigation services to fiduciaries involved with estate administration.
The settling of an estate often triggers the transfer of assets through a trust. We provide skilled legal counsel to ensure trust conditions are met and that the executor is protected from legal challenge or trust dispute.
An effective estate plan relieves worry about caring for loved ones going forward. We help you avoid and handle will contests, and ensure assets and gifts are distributed according to the wishes of the decedent.
Our estate planning attorneys support your family and the next generation
Lissner & Lissner LLP offers unsurpassed legal service to individuals and families during the estate administration process. When you need personal support and highly-qualified representation on estate administration or litigation matters, we can help. Contact us or call (212) 307-1499 today.