Mount Kisco, NY asked in Estate Planning for New York

Q: Shall a small estate administrator who is also a sole beneficiary say "no funds of the estate remain in my possession"?

I am both an administrator and the sole beneficiary of my late father's (small) estate in NY. I've already got letters of administration from the surrogate court. I paid funeral expenses two months ago with my own funds. After I distribute the remaining funds to myself, I need to fill out the form to close the estate. Last item on the form has a check mark for "no funds of the estate remain in my possession." Should I mark it even though I transfer everything to myself so essentially everything would be in my possession?

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1 Lawyer Answer
Benjamin Z. Katz
Benjamin Z. Katz
  • Estate Planning Lawyer
  • New York, NY
  • Licensed in New York

A: It is understood that this refers to funds that still need to be disbursed. I suggest you call the clerk of the Surrogates Court to see what they recommend. You can add the words “as administrator” to be clear.

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