Legal Question in Wills and Trusts in New York
Does NYS Law REQUIRE a public notice to creditors?
Dad passed 5 weeks ago; named me executor; have Letters & EIN, but cannot find the answer to just one specific question: Are estates/executors required under NYS law to publish a PUBLIC notice to creditors (ala, in the local newspaper)?
Dad had no debt other than upcoming land taxes and utilities (funeral will be paid next week once estate account is opened).
I nonetheless wanted to know should unknown issues arise down the road....
3 Answers from Attorneys
Re: Does NYS Law REQUIRE a public notice to creditors?
My condolences on the loss of your Dad. Been there.
No, you are not required to place a legal notice for your creditors. However, you are required to wait 7 mos. before distributing any Estate assets.
Re: Does NYS Law REQUIRE a public notice to creditors?
I agree with Debra, that the notice is not required. If you have any questions about possible debts and claims, it may be worth the few dollars to do it, so when you make final or interim distributions, you have assured yourself no one will come out of the woodwork later on. You are then protected if there are no assets remaining to satisfy any late claims.
Re: Does NYS Law REQUIRE a public notice to creditors?
The executor may be required to serve public notice if a judge requires it, but ordinarily such notice is not required.
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