Mr. Goodwin is everything you want in an attorney: professional, honest, thorough, and genuinely caring. He always explains things clearly, so I understood exactly what was happening and what to expect next. His attention to detail and persistence really stood out. Looking back, I feel lucky to have found him. He guided me through the whole process expertly, and I deeply appreciate all his hard work. Would definitely recommend him to anyone needing legal help.
A bond may be required in a New York City probate matter. The bond protects the beneficiaries and heirs of the decedent. The bond guarantees that the administrator or personal representative will perform the duties expected. A bond is often used when someone dies intestate and the Court appoints a third-party administrator. The bond can be waived if all the beneficiaries agree in writing.
In order to dispose of the bond, the personal representative/administrator must be certain that all claims and tax have been satisfied and that the decedent’s instructions under the will have been carried out. The court must approve the winding up and closing of the estate to make sure that the assets have been distributed and the personal representative has completed his or her duties. Receipts from the beneficiaries and a final accounting must be filed by the personal representative. If the personal representative is asking for any compensation, the personal representative should do so at the same time as well.
The personal representative/administrator should also complete an affidavit to dispose of a bond. The affidavit should include the personal representative’s information, the case number, and the decedent’s name and identifying information about the personal representative. The personal representative’s signature should be notarized as well. The assistance of a New York probate and estate attorney in completing the affidavit may be required.
The attorney can help the personal representative prepare and file the affidavit making sure that it is complete and accurate. The attorney can file the affidavit with the Surrogate’s Court and the company issuing the bond so that the Court can issue an order of final distribution and discharge the personal representative. Once the personal representative has been discharged by the Court, the estate can be closed out. The personal representative should also advise the IRS in writing that the personal representative is no longer acting as a fiduciary for the decedent’s New York City estate.
If you are involved in a New York City estate and have questions about disposing of a bond or other matters relating to the routine administration of an estate or estate litigation, it is recommended that you speak with a New York City estate attorney.
If you wish to speak to a New York City estate attorney, call the Law Offices of Albert Goodwin at (212) 233-1233.
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
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