Legal Question in Wills and Trusts in New York

Re: Inventory of Assets

Good news, bad news, depending upon your position as described herein. An inventory need only be filed with the Court if there is a judicial accounting, and it does not get reposed with a copy of the Will, but is an ancillary filing. In the event that the estate is settled informally, no inventory need be filed. The 6-month period is actually a guideline, not always mandatory. This is so because some estate returns need not be filed for 9 months (e.g., the Federal Estate Tax Return). Also, depending upon the assets of the estate, valuation problems might exist that require time to obtain proper, accurate valuations. If you are more than a pecuniary heir (one receiving a specific asset or dollar amount), you have the right not only to an inventory, but also to a full accounting of the estate, which goes beyond the mere inventory, as it includes not only a listing of assets, but also covers income and expenses during the administration of the estate, and all expenses, debts and taxes involved with the estate. The executor is responsible to provide an accounting to all heirs and if not provided, a suit to compel the issuance of the accounting can be brought in the Surrogate's Court. I suggest sending a certified letter to the executor and the estate attorney demanding the accounting and the status of the estate. If you do not receive it or a satisfactory explaination of its delay, sue for its release.

Re: Inventory of Assets

Enforcement of the requirement of filing the inventory varies from county to county. If you are financially interested in the estate you can demand that the Executor or Administrator file the inventory. The only sanction imposed for failing to file the inventory is that the Surrogate will not approve the payment of fees; but in most cases approval is not requested.