Gathering the Estate
The Executor must identify and locate all of the decedent’s assets, such as Bank Accounts, CDs, Stocks, Bonds, Real Estate, Pensions, Life Insurance Policies, Death Benefits and Safe Deposit Boxes (these must be opened and inventoried).
Valuation of Assets
Property such as Cash, Stocks, Bonds, Life Insurance, Real Estate, and interest in a closely held Corporation or Partnership must be valued.
Payments of Debts and Administration Expenses
It is the Executor’s responsibility to pay expenses such as Taxes, Medical Bills, Funeral Costs and other debts of the Decedent.
Distribution of Assets
The Executor will distribute the Estate in accordance with the Will, and if none, then in accordance with the laws of New York State.Read More