Probate and Estate Administration
Both Connecticut and New York have detailed legal requirements to prove clearly and convincingly that the fiduciary in charge of settling the estate is qualified to serve as the fiduciary of the estate, that all valid creditors’ claims are paid, that all estate tax and fiduciary income taxes are paid and that the fiduciary distributes the estate assets to beneficiaries who have the legal right to claim the estate assets. The fiduciary may be personally liable if he fails to perform all of the legal duties of the Executor of the Estate.
Below is a very general list of what steps must be taken to probate an uncontested estate:
- The original will must be located and filed with the court along with an original death certificate.
- All of the distributees and heirs must be located and provided with a copy of the decedent’s will.
- All of the decedent’s assets must be located.
- All of the decedent’s valid debts must be paid.
- All the decedent’s assets, whether passing by will, or by contract, or by law must be valued on the date of the decedent’s death to determine whether an estate tax liability exists.
- An inventory of the decedent’s assets with date of death values must be prepared and filed with the probate court.
- Federal and State estate tax returns are prepared and filed.
- Decedent’s final income tax return and the executor’s estate income tax return are prepared and filed.
- Upon proof to the court that the decedent’s debts and estate taxes are paid, the executor distributes the estate.
- If a beneficiary demands an accounting of the estate assets, a formal accounting of all estates assets and income must be provided and filed with the court.
- If the government audits the estate, all the documents supporting the estate tax return must be produced during the audit period.