MMKO has a long and successful history of guiding our clients through the obstacles and responsibilities of administering an estate or trust. In 2008, John P. Mahon celebrates 60 years of service as a lawyer to his clients, handling numerous estates and trusts over those years. In addition, Richard T. Kerins served as the Nassau County Public Administrator and Deputy Public Administrator from 1987 to 2001, during which time he administered thousands of estates. During that same time, Lawrence Mahon and Kenneth P. Mahon served as counsel to the Public Administrator.
Probate and Intestate Administration
Probate is the process by which an Executor obtains authority to begin estate administration. Intestate administration is a similar process required when a person dies without a Will. In New York State, the authority is granted by the Surrogate's Court for probate and intestate administration. The authority to administer the estate begins once Letters Testamentary or Letters of Administration issue from the Surrogate's Court.
Administration consists of essentially four elements: (1) marshal/collect assets, (2) pay debts/expenses, (3) file and pay estate taxes and (4) account to and distribute to beneficiaries. Each of these facets has its own unique requirements.
An Executor or an Administrator is normally entitled to commissions set by law based upon the value of the assets administered. At MMKO, the firm's compensation may be based upon a percentage of the assets of the Estate or based upon the firm's hourly rate.
Most Estate's are distributed within one year of the date of appointment of the Estate Fiduciary. While it may be appropriate to make partial distributions prior to seven (7) months from the Fidicuary's appointment, full distribution typically is made after seven (7) months, due to the exposure to creditors' claims.
While the receipt of authority is different when you are a Trustee, the process of administering the Trust and the responsibilities are similar. We will usher you through the process, well-informed and in a professional manner.
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