What are the costs involved in doing a formal accounting for a trust?

Asked almost 3 years ago - Albany, NY

In New York state, what are the costs normally associated with doing and filing a formal accounting for a trust?

Attorney answers (4)

  1. Sharon Melissa Siegel

    Pro

    Contributor Level 14

    Answered . The costs are the court filing fees and the legal fees. It really depends how much money is at issue in determining whether or not it is worth it.

  2. Hayley R. Greenberg

    Contributor Level 16

    Answered . I am sorry to hear about your situation. Your questions raise some complex issues so simple emails are not appropriate as I would need additional information. What are the assets? What are their value? Will you be paying an attorney? Etc.

    Our firm has many years of experience in this field.

    I wish you the best of luck.

    Please remember that I do not normally monitor these questions after I have posted a reply but you can contact me as indicated below.

    Complimentary phone consultations
    Hayley Greenberg
    Greenberg & Merola, LLP
    Attorneys at Law
    521 5th Ave. Ste. 1700
    New York, NY 10175
    (212) 593-6111, facsimile (516) 887-1720
    (Additional offices: Brooklyn, Queens, Long Island)
    www.GreenbergMerola.com

  3. Louis P Lepore

    Pro

    Contributor Level 9

    Answered . A formal accounting before a court will be more expensive process compared with an informal accounting to settle a trust, due legal expensive and greater due diligence of a formal accounting.

    THIS ARTICLE IS PURELY INFORMATIONAL AND CAN NOT BE RELIED UPON AS LEGAL ADVISE OR CONSTITUTE LEGAL ADVISE FROM... more
  4. Steven J. Fromm

    Contributor Level 20

    Answered . It also depends on the type of assets, the number of assets involved and the time frame being covered. The more complex the higher the fee for attorney services.

    When you notify creditors you may want to attempt to try to negotiate a reduced amount to setle the matter. When there is a death, some creditors are willing to settle for less especially if the estate is not liquid. You should probably have an estates attorney assist you in this and the estate administration generally. For an idea creditor priorities in another state, please see the article PA Probate: What Debts Take Priority at the following link: http://www.sjfpc.com/PA_Probate_Law_Section_339....

    Hope this helps. If you like this answer and have a Google account , please hit the +1 sign above. It takes just a second to do this and it would be most appreciated and would help others. Thanks.
    Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net , his website is www.sjfpc.com. and his blog is

    LEGAL DISCLAIMER Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia... more

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