New York Sample Letter for Order Approving Third and Final Accounting
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How to fill out Sample Letter For Order Approving Third And Final Accounting?
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FAQ
An executor of a deceased person's estate typically has to show an accounting of the estate to the beneficiaries and heirs unless the beneficiaries and heirs waive their privilege. The accounting is a way to prove the executor settled the estate legally and as the deceased intended.
In New York, the technique of promoting property as an executor of a property can be complex and is a problem to unique legal requirements. Generally, an executor has the authority to promote property without the approval of all beneficiaries, however, there are necessary factors to consider.
Formal court accounting must be performed by a court-appointed administrator. Formal accounting must take place if no will exists, the deceased did not appoint an executor, or if the beneficiaries are disputing the distribution of assets.
The short answer is yes, you have to show an accounting unless the heirs or beneficiaries of the estate waive the requirement. And even if they waive it, probate best practice is to show a thorough summary of what was done so you reduce the chance of disputes later on.
A Final Account is a complete record detailing the assets, receipts, and disbursements made during a probate administration.
Finally, an executor has the power to distribute what remains of the estate to the beneficiaries. However, the executor cannot independently decide how the estate is distributed. They must follow the instructions in the will or the succession laws of the relevant jurisdiction.
Once you have established your authority as executor, you can open an estate bank account, if applicable. You can use it to receive estate assets, and to pay estate expenses and eventually distribute the estate assets.
