Estate administration can get complicated and messy. In addition to the grief involved after the death of a loved one, the wills and division of property can become overwhelming. Whether you’re just getting ready to begin estate planning or you’ve been handed the job of estate administrator, rely on the experts at the Albert Maimone and Associates, P.C. law practice in Queens, NY, for the best guidance and representation. Rely on them to ease the burden of the administrator of estate. They serve all five New York City boroughs, as well as Suffolk and Nassau counties. Call today for a free consultation.
What Is Estate Administration?
Estate administration is a process that begins after a person dies, whether they did estate planning or not. In estate administration, the estate is guided through the probate process, which includes paying off outstanding debts and taxes and distributing assets to beneficiaries. This process may last several months and sometimes years, depending on the complexity of the estate and whether there are any disputes between beneficiaries.
Working with an attorney who’s an expert in estate and probate law ensures that you have the help you need while navigating probate. If you require an attorney to help you with estate administration or with wills, trust and estate planning, rely on the top-rated attorneys at the boutique law firm of Albert Maimone & Associates. They offer comprehensive estate planning and probate representation with the highest quality service, minus the big firm fees.
What Does an Estate Administrator Do?
When you pass away, all the things you once owned become your estate. Before you die, therefore, it’s ideal to choose someone to oversee managing and distributing your estate, which may include:
- Real estate
- Vehicles
- Bank accounts
- Stock
- Personal belongings
The best way to ensure that your estate is distributed according to your wishes is to choose someone you can trust and name that person as your executor in your last will and testament. Preparing a will is the best way to have control over your estate, and it also protects your beneficiaries from disputes or feeling unsure about what you wanted. People you may choose as an executor include:
- Your spouse
- One of your siblings
- One of your children who’s over the age of 18
- A close friend
- An organization, such as a bank
- Your NYC estate attorney
Choose someone who’s responsible and willing to take on this role. If a person is appointed as administrator who’s never filled this role before, guide that person to work with an estate attorney to learn the proper procedures. Albert Maimone & Associates is well suited for that role.
What People Say
Albert was a recommendation from a friend, and we were very grateful for this because Albert and his team were empathetic with our situation (this was an estate sale that was long and arduous). Albert went above and beyond for us by communicating with the estate lawyers, diligently reviewing and correcting all documents, negotiating on our behalf and most importantly was always willing to assist us (he was superb with his follow-up and replies to any of our inquiries). Thank you Albert! We highly recommend him!
What People Say
Ive used Albert Maimone for about 5 years and he has always looked out for me. He helped me purchase my house and get my mortgage and has also helped me out with tennant non payment cases .When ever i have a question or concern he always gets back to me fast and his rates a very reasonable. He has a lot of knowledge and experience in the law field, and his track record speaks for its self .Very simply he treats his clients like his family and i appreciate that.I look foward to keep using Albert in my future financial transactions. In conclusion I Highly Highly Highly recommend Albert Maimone !!!!!!!!!!!!!!!!!!
What People Say
I have used Mr Maimone for three property closings and I must say here is a Man you can trust with your life. He protects his clients to no end in one deal he found so many loop holes in the contract that no one else would ever take the time to find,it was amazing, so much so that at the closing the other sides Attorney could not stop praising Mr Maimone to the point he had to admit that he had learned so much from working with Mr Maimone. I recommend him to all My family and friends and always have them raving to me on how great he is after they use him in my eyes he's the best and I would never use anyone else.
Is an Administrator the Same as an Executor?
Either an executor or an estate administrator can handle estate administration. And either may be referred to as a personal representative. An estate administrator and executor are very similar, but there are small differences, such as:
- If your will specifies who you want to fill this role, they’re called the executor — or executrix for a female.
- Estate administrator. If someone dies intestate, which means without a will, there still has to be someone in charge of estate administration. The person appointed by Surrogate’s court to fill this role is called an estate administrator.
A nominated executor must have the will declared valid by a probate court judge. While an estate administrator has the same responsibilities as an executor, there’s no will to work from, so decisions must be based on statutes. Both executors and administrators are entitled to compensation for their time.
Who Can Be an Estate Administrator?
The court proceeding to appoint an administrator is called an administration proceeding. In New York, the estate administrator for someone who passed away with no will is usually based on next of kin. The process of choosing an estate administrator is performed in a particular order:
- Spouse
- Children, from oldest to youngest
- Grandchildren, from oldest to youngest
- Parent
- Sibling
Anyone who wishes to act as administrator can petition the court. When the court chooses an administrator, it issues a Letters of Administration that gives the person appointed estate administrator the authority to act on behalf of the estate.
What Are the Duties of an Estate Administrator?
The duties required of the estate administrator depend on the size of the estate. A death certificate needs to be obtained, usually from the funeral director, and the probate process needs to be initiated. Other common duties of an estate administrator include:
- Collecting information on assets. This duty involves finding out what the deceased owned and how it was titled, as well as determining the value of any property. An inventory list is filed with the probate court.
- Contacting beneficiaries. An estate administrator is responsible for finding and contacting all beneficiaries.
- Notifying creditors. The administrator has to find out about debts or bills that need to be paid and notify creditors that the person has died. Then follows a determination of which debts are valid.
- Setting up a bank account in the name of the estate. The estate administrator is responsible for obtaining a tax ID number for the estate and requesting the life insurance policies payable to the estate. Next, the administrator has to collect any money owed to the decedent and deposit it into the estate’s bank account.
- Filing tax returns. The administrator needs to file a tax return for the last year the individual was alive, as well as file a tax return for the estate and pay any taxes that are due.
When Is a Probate Attorney Needed for Estate Administration?
When an estate is small and uncomplicated, an executor or administrator may not need the help of an attorney. But some situations call for a probate attorney, such as:
- The estate is large and complex
- There are legal issues involving real estate
- There’s a significant tax liability
- There’s a business involved
Work with an attorney if there’s conflict between heirs and you think there may be legal challenges. Many personal representatives begin the process of estate administration without a lawyer, but find that at some point they need the expertise of a trained and experienced probate attorney in Queens, NY. If you’ve been named executor of a will or if you’re ready to work on your own last will and testament, living trust or any other aspect of estate planning, contact the team at Albert Maimone & Associates. They serve all the boroughs of New York City, Suffolk County and Nassau County.