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.
Call Today:
212-233-1233
What is an Estate Accounting in New York City
An estate accounting is a legally required review and report of all financial activity and property transactions during the administration of a deceased person’s estate. You would typically need the assistance of a New York estate accounting attorney. Here, we break down what New York estate accountings entail, when they must get filed, key procedural standards, and what information the detailed reports must contain.
In New York estates, a court-mandated estate accounting is a complete, accurate recording of cash inflows and outflows together with property transfers or sales conducted by estate executors or trustees. Accountings catalog all financial transactions in standardized categories prescribed by state courts.
The executor prepares the estate accounting and files it with the court. The probate court reviews the accounting, to guarantee complete, prudent handling of the decedent’s estate in the best interest of beneficiaries. They also inform heirs of assets, expenses paid, distributions made, and any sales or changes in property holdings.
When is an Accounting Required for Estates?
While requirements vary by state, New York mandates that estate representatives file an accounting when beneficiaries request it.
Informal vs. Formal Accounting
An accounting is informal when given to beneficiaries and formal when filed with the court.
- Informal Accounting. Informal accounting can contain only a simple summary of the estate funds, such as the principal received, income generated, expenses, payment of debts, and remaining funds left for distribution to the beneficiaries.
- Formal Accounting. A formal accounting is a thorough set of accounting for every single estate transaction, presented in a court-mandated manner, and reviewed by the court for completeness.
Stages of Accountings
- Initial Accounting. Documents activity over first 18 months after appointment and letters testamentary
- Intermediate Accounting. Covers any intervals beyond initial period as directed by court
- Final Accounting. Submitted after total estate distribution and closure
In certain cases like contentious estates, the court may order supplemental accountings as well to monitor administration.
What is Involved in an Accounting
New York Estate Accounting Rules and Standards Strict procedural and documentation standards apply when preparing NY estate accountings, including:
- Sorting all monetary or asset inflows/outflows into accounting categories using designated forms
- Tracing transactions like income receipts or bill payments back to source documentation
- Matching totals, ledger amounts, and reconciliations perfectly
- Outlining distributions to heirs in specific required schedules
- Filing papers in the court’s required organization format
What Key Parts Make Up an Estate Accounting
While requirements vary from the initial to final accounting, core reports include:
| Schedule A | Statement of Principal Received |
| Schedule A1 | Statement of Increases on Sales, Liquidation or Distribution |
| Schedule B | Statement of Decreases Due to Sales, Liquidation, Collection, Distribution or Uncollectibility |
| Schedule C | Statement of Funeral and Administration Expenses and Taxes Charged to Principal |
| Schedule C1 | Statement of Unpaid Administration Expenses |
| Schedule D | Statement of All Creditor’s Claims |
| Schedule E | Statement of Distributions of Principal |
| Schedule F | Statement of New Investments, Exchanges and Stock Distributions |
| Schedule G | Statement of Principal Remaining on Hand |
| Schedule A2 | Statement of All Income Collected |
| Schedule C2 | Statement of Administration Expenses Charged to Income |
| Schedule E1 | Statement of Distribution of Income |
| Schedule G1 | Statement of Income on Hand |
| Schedule H | Statement of Interested Parties |
| Schedule I | Statement of Computation of Commissions |
| Schedule J | Statement of Other Pertinent Facts and Cash Reconciliation |
| Schedule K | Statement of Estate Taxes Paid and Allocation Thereof |
Let our experienced New York accounting lawyers guide you through assembling compliant accountings ready for court submission. If you are an executor who would like help in putting together an estate accounting, we at the Law Offices of Albert Goodwin are here for you. We are located in Midtown Manhattan in New York City. You can call us at 212-233-1233 or send us an email at [email protected].
Law Offices of
Albert Goodwin, PLLC
31 W 34 Str, Suite 7058
New York, NY 10001
Tel. 212-233-1233
About the Author
Albert Goodwin, Esq. is a licenced New York attorney with over 15 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics.
