Estate & Trust Administration

Being designated as a trustee or executor can be an honor, but it can also be overwhelming. Do you really know what you should be doing if you are named as someone’s executor or trustee?

Most estate and trust administration is much more complex than people think. For many, the primary concern is handling family interactions at a sensitive time, which can be challenging enough, but your duties and responsibilities go far beyond that.

If you are named by someone as an executor or trustee, you are required to:
(among other things)

• Protect the assets for beneficiaries
• Collect outstanding assets and income
• Make sure valid bills are paid from the assets while minimizing costs
• Follow the New York State Uniform Prudent Investor Act
• Handle cleaning out the residence
• Divide personal property
• Make sure any required tax returns (both federal and state) are filed which could include personal income taxes, estate income taxes, estate and gift taxes and possibly others
• Calculate tax basis for estate assets and provide it to the beneficiaries
• File court reports and state reports

It’s a lot to handle if it’s your full-time job, and it can be even more stressful if you are currently working or taking care of a family of your own. And what if it’s not all done correctly? You could be held liable for your mistakes or oversights.
But you don’t have to go through it alone.

At the Law Offices of Patrick J. Roth, we are here to help ensure that everything that needs to be done gets done and done correctly. Our job is to protect you as the trustee or executor, and to help alleviate some of the stress and worry during an already difficult time. Have questions? Need more assistance? Contact out office and schedule a time to meet with a qualified estate and trust attorney at 607-962-6162.