Estate & Trust Administration

We will guide you through the estate process from beginning to end. The first task in the case of a will is to probate the will in a surrogate’s court, or seek an administrative proceeding if there is no will.

The second task in estate administration is to gather, inventory, and value the assets of the estate. These assets may include:

• Real estate
• Personal effects
• Insurance
• Bank accounts
• Stocks and bonds
• Other investments

Unless these assets are jointly owned or have a named beneficiary, they make up the probate estate. The proceeds from the probate estate are used to pay any outstanding debts and administration expenses. An executor or administrator must evaluate all claims made against the estate and pay legitimate debts.

Depending on the size of the estate, the assets and liabilities may need to be reported on a federal estate tax return and a New York estate tax return. Other required paperwork can include a fiduciary final accounting of the distribution of an estate. We will work to ensure that a high percentage of the estate is left for its beneficiaries instead of going to creditors and tax authorities.

You will also have to make decisions about asset management of an estate that will need to be made after the fact, including timing of distributions, tax elections, and allocation of tax exemptions.

The steps in trust administration are similar in certain respects including the marshalling of assets, payment of debts and expenses and distribution of the trust estate to the beneficiaries.  Importantly, however, the trust administration would not involve applying to the court for probate since the trust will avoid probate .

At the Law Offices of James Yastion, PLLC, we provide full-service guidance and advice regarding all of these estate issues.

Please contact the Law Offices of James Yastion, PLLC at (845) 255-4400 to schedule an initial consultation to discuss your legal concern.