In the state of New York when is the beneficiary of an estate provided an accountability of the estate by the probate attorney ? Before the estate is finalized and funds are all distributed or before?
1 Answer from Attorneys
It depends on whether the beneficiary is receiving an amount set in the Will, like "I leave the sum of $50,000.00 to my friend . . .." or whether it's a percentage. If it's a percentage than the lawyer provides an informal accounting before making distributions, because the beneficiary will sign a "receipt, release and indemnification," which is a paper which says "I have reviewed the accounting provided by the lawyer and I agree it is correct and I have no objections."