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