Estate Administration Attorney NY
Seasoned Estate and Trust Administration Lawyer in NY and NJ Provides Legal Services for Clients in Bergen County, Hudson County, Queens County, Long Island, and Throughout North Jersey and NYC
When an estate or trust is established, the assets held by the estate or trust must be managed by someone nominated by a decedent or trust-maker or appointed by the court. This administrator/executor or trustee has significant responsibilities. To better understand your rights and your obligations, turn to an estate administration attorney in NY who can help you understand what to expect throughout the estate or trust administration process.
Since 2005, the legal team of Choi Law Firm has been working diligently to provide trusted legal advice and assistance to clients throughout New York City and North Jersey. Our track record of results is reflected through our clients who have recommended our firm to others who need high-level legal representation. At your first meeting with our firm, you will start to understand why so many of our clients suggest Choi Law Firm when family, friends, neighbors, and co-workers they know need effective legal help.
If you need to open an estate for a loved one who has passed or if you have been appointed to serve as executor for someone’s estate, get the legal help you need to guide you through the process of estate administration. Contact Choi Law Firm today for an initial case evaluation to speak with an estate administration lawyer in NJ about what assistance our firm can provide to you.
What Is Estate Administration?
Estate administration involves the process of collecting and preserving a deceased individual’s assets, paying off the decedent’s outstanding debts and estate expenses, and distributing the remainder of the decedent’s assets to the party or parties designated in the decedent’s will or to the decedent’s heirs under state intestacy laws.
What Is Trust Administration?
Trust administration involves the management of assets that are being held by a trust in accordance with the terms of the trust creation document. Administration of a trust is performed by a trustee or trustees, parties appointed in the trust document to operate the trust. Trustees are generally expected to undertake actions that preserve the value of the trust, rather than aggressively grow the value of the trust’s assets. Trust administration also involves making distributions of trust income and principal, as directed by the trust document, to trust beneficiaries and providing accountancy of trust activity to beneficiaries or to the court.
Estate and Trust Administration Matters We Can Help With
At Choi Law Firm, an estate administration attorney in NY can help you with all the aspects of running an estate or a trust, including:
- Gathering a decedent’s assets for an estate
- Retitling assets into the name of an estate or a trust
- Recovering assets or funds belonging to a decedent that were wrongfully taken or are being wrongfully withheld by another party after a decedent’s death
- Verifying debts owed by a decedent
- Identifying proper beneficiaries or heirs under the terms of a will or a trust or under state intestacy law
- Preparing and filing estate or trust accountings
- Preparing estate or trust tax returns
- Responding to beneficiary demands for distributions of net estate assets or trust income or principal
How an Estate and Trust Administration Lawyer in NY from Choi Law Firm Can Help You Serve as an Executor or Trustee
If you have been appointed as an administrator or executor of an estate or as a trustee of a trust, you may need seasoned legal help to ensure you can effectively carry out your duties. Turn to an estate administration attorney in NY at Choi Law Firm who can assist you by:
- Carefully reviewing relevant estate or trust documents to understand the testator’s/trustor’s intent to advise you of your rights or obligations
- Using our legal team’s knowledge and experience to develop tailored legal solutions for resolving any issues or disputes in your matter
- Providing a hands-on approach through a close working relationship between you and our attorneys, with frequent communications and prompt answers to any questions you may have as they arise
- Offering excellent legal representation combined with a compassionate, caring approach that recognizes the difficulties you may be facing
Contact Our Estate Administration Attorney NY for a Consultation to Learn More about How We Provide Counsel to Clients
The estate administration law firm of Choi Law Firm represents clients in Bergen County, Hudson County, Queens County, Long Island, and throughout North Jersey and NYC. Reach out to us today to learn more about how we can help you with your estate and trust administration.
Frequently Asked Questions about Estate and Trust Administration in NY/NJ
An executor or administrator generally has three primary duties with respect to an estate. These include identifying and collecting the assets of the decedent, paying the decedent’s outstanding debts and the expenses and taxes of the estate, and distributing the net assets of the estate according to the decedent’s will or state intestacy laws. While this may seem straightforward, complications can arise when, for example, a decedent’s assets were seized by another party, or when a beneficiary of the estate contests the amount of estate administration expenses.
In the context of trust administration, fiduciary duty refers to the standard of care that a trustee is expected to exercise. Generally, as a fiduciary, a trustee is expected to always act in a manner that benefits the interests of the trust. Trustees are also expected not to act for their own benefit if doing so would harm the trust’s interests. Specific to trusts, trustees are also expected to manage the trust in accordance with the terms of the trust document. Trustees are generally expected to act to avoid substantial loss of value to the trust, although a trustee is usually not responsible for the ordinary depreciation of assets. Trustees are not expected to grow the value of the trust, but rather to maintain its value and provide for the payment of income (and principle) as directed by the trust document.
“I always felt that they were genuinely fighting for me; truly looking out for my best interests."
I am very grateful for Sandra Choi and her team. They were kind, compassionate, thorough and very professional throughout the entire process of my case. I always felt that they were listening to my concerns and interests and provided all the professional advice and answers to my questions that I needed to feel confident about my decisions.”
“One of the best things about Ms. Choi is that she is caring and listens carefully to understand your situation."
Sandra Choi is attentive, kind, thoughtful, and professional. She was thorough and well-prepared throughout my case, and I was impressed by her honesty and work ethic. Ms. Choi and her team were helpful and responsive to my questions and concerns, and she certainly exceeded my expectations. I highly recommend Ms. Choi and her team.