Legal Question in Wills and Trusts in New York

NY Queens- Close Out Estate

As the executor, it is my understanding that the estate will need to be closed. I have one more item to deal with and then I will be ready to close the estate. What needs to be done to close out an estate? Timeframe? Approx. Attorney Costs? Approx Other Costs/Fees?

I plan to have the estate deed the property to the other beneficiary and get a promissory note/mortgage in return. After the paperwork is completed is there any reason that I can not close the estate? I don't have to wait for the mortgage to be satisfied do I? Thanks a lot!


Asked on 1/29/09, 1:10 pm

1 Answer from Attorneys
Rudolf Karvay Berkman, Henoch, Peterson, Peddy & Fenchel, P.C.

Re: NY Queens- Close Out Estate

The estate can be closed out without much court involvement as long as all of the beneficiaries sign a receipt and release form. As far as costs are concerned that is something that you need to work out with your attorney. You need not wait until the mortgage is satisfied.

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Answered on 1/29/09, 1:19 pm


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