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Required Reports and Court Filings in New York Estate Administration

Within six months after a person is appointed executor or administrator, they must file an inventory of the assets in the estate at the surrogate’s court. It must include every asset that the administrator is aware of. An administrator or executor usually does not have to file anything further, unless somebody demands it or the executor or administrator chooses to provide it on their own. They may need to file what is called an accounting, which lists every cent that was included in the estate, and how that money was disbursed. These forms are available online to be accessed and prepared, and a person can follow the instructions and fill them out. Anyone requiring assistance with required reports and court filings in New York estate administration should speak with an experienced trusts attorney.

Role of an Inventory

An inventory is simply a list of all of the assets included in the estate. It is part of the required reports and court filings in New York estate administration. The purpose of the inventory is two-fold. One is to allow people who have an interest in the estate to find out what assets it contains.

If an interested party knows they are entitled to one-half of an estate, the inventory will tell them exactly what that means. The inventory also helps the courts determine if the person paid the correct fees when they file a probate petition or administration petition. The court receives the inventory.

Sometimes the court will withhold issuing certificates to the executor or administrator, which the person needs to act or to institute a proceeding if they have not filed the inventory within six months after the date of appointment. The inventory requirements are the same for both supervised and unsupervised estates.

Role of an Appraiser

Oftentimes an estate will contain property that is difficult to value such as antiques and jewelry. In these cases, an administrator may need to hire an appraiser who can assign a monetary value to this property. Assets like stocks and bonds are usually valued by a computerized service.

Account of Assets

An account lists of all the assets that were included in the estate, and all the assets that were paid out. Accounts are only required reports and court filings in New York estate administration if requested. The account shows the court and any interested parties that the executor or administrator did their job correctly by detailing all transactions involved with the estate. Usually, people who are involved in the administration of the estate will receive a copy of the account if one is created.

A person should keep receipts of all bills that were paid from the estate, as well as documentation to back up any other entries in the account. If a person objects to an account, they will usually have an attorney prepare a written objection that they file with the court. The objection is served upon the executor or administrator.