| Month 1: Read the will, if there is one. Determine who will be the personal representative – it will either be the executor mentioned in the will, or the person who everyone is comfortable with. Get death certificates. File a petition with Surrogate’s Court to start the probate process. |
| Month 2: After obtaining Letters of Administration from the Court, the personal representative begins acting. Do a preliminary inventory of the estate and a preliminary list of creditors. Open and inventory the safe deposit box. Notify all possible creditors. Determine which creditors are legitimate. Consult with an Accountant. |
| Month 3: Get property appraised. Decide which property should be sold. |
| Month 4: At this point, the extent of the estate should be known. The Accountant will prepare Federal Estate Tax return, Form 706. |
| Month 5: Close out creditor claims. Provide preliminary accounting to beneficiaries. Finish negotiating with creditors. Pay creditor and tax bills. |
| Month 6: Accountant to file final income taxes – 1040 and 1041. File petition on final accounting with the Surrogate’s Court. Prepare Beneficiary Agreement. |
| Month 7: Distribute assets to beneficiaries. File Petition to be discharged as personal representative. Close the estate. |
This timeframe is approximate and not guaranteed.
Call the Law Offices of Albert Gurevich at (212) 233-1233 to discuss your estate administration or probate proceeding.
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Albert Gurevich, Esq.
