Legal Question in Wills and Trusts in New York

administration next steps

My mother died in NY State intestate with about $40k in assets. I received letters of admin from Surrogate's Court, got an EIN and opened an estate bank acct funded with her checking & money mkt balances so I can pay her debts. What else must happen before I distrubute the assets to the statutory heirs (my sisters and me)? Do I need to put a notice to potential creditors in the paper? Is there a minimum waiting period to allow creditors to come forward? Do I need to file an estate tax return (I know I need to file a part-year personal return for her)? Do I need permission from Surrogate's Court to distribute the assets and dissolve the estate? Is there something else I need to file? Thanks.


Asked on 6/12/07, 8:38 am

1 Answer from Attorneys
Norman Nadel Norman Nadel, Esq.

Re: administration next steps

We are quite informal in New York when there is no contest or dispute, and frankly, nothing more is required of you. You and your sister can divide the funds, however, if a creditor should appear in the future, both of you would be responsible for payment of the debt in an amount not to exceed the funds distributed from the estate.

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Answered on 6/12/07, 8:48 am


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