Most executors in Rockland County assume the hard part of settling an estate is dividing up the house or the bank accounts. It isn’t. The hard part is convincing your own relatives, months later, that you handled their inheritance honestly — and in New York, the law gives you a tool for that most people have never heard of: the informal accounting. I represent families across Rockland County, from Nanuet to Suffern to Haverstraw, and this moment comes up in nearly every estate I handle.
What an Informal Accounting Actually Is
Every executor eventually has to prepare an informal accounting: a written summary of every financial transaction that occurred while you administered the estate, shared directly with beneficiaries without involving the Rockland County Surrogate’s Court in New City. It should show the value of assets as of the date of death, income the estate earned, expenses paid, and the proposed final distribution. Unlike a formal judicial accounting, which is filed with the court and can take months, an informal accounting is simply a private document you circulate to the people entitled to see it. That is why I advise nearly every executor I work with in Rockland to start here before considering a court filing, since it is faster, cheaper, and usually resolves things just as effectively.
What Belongs in the Document
A thorough accounting should include:
- Assets and their value on the date of death
- Income earned, such as interest or dividends
- Administration expenses, including funeral costs and attorney’s fees
- Debts and taxes paid
- The proposed schedule of distributions to each beneficiary
Keep bank statements, receipts, and appraisals on hand even if you do not attach them, because a beneficiary living in Pearl River or Piermont has just as much right to ask for backup as one living out of state.
Getting Beneficiaries to Sign Off
Once the accounting is ready, send it to each beneficiary with a release and receipt form confirming they reviewed the numbers and agree to the distribution. When everyone signs, you are generally protected from future claims tied to that period. But what happens when a sibling in Clarkstown refuses to sign, or simply stops responding? That is usually the point where a formal accounting through the Rockland County Surrogate’s Court becomes necessary, and it is a situation I see often when communication breaks down early.
Why This Step Matters More Than People Think
I have seen executors treat an informal accounting as optional paperwork, only to face a lawsuit years later because no clear record existed. Rockland County courts do not look kindly on fiduciaries who cannot account for estate funds, regardless of their intentions.
If your loved one’s estate requires an accounting that needs to be prepared and shared with beneficiaries, contact us today for a free phone consultation.
Roman Aminov Estate Law firm of Queens
147-17 Union Tpke, Kew Gardens Hills, NY 11367, United States
P59P+93 Kew Gardens Hills, Queens, NY, USA
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