Services We Offer In Estate Administration
Trustees, executors and beneficiaries sometimes find that issues in the administrative process arise that are extremely difficult to resolve, and in fact put the parties on a course that will fracture family relationships. For example, the decedent may have left valuable works of art, family heirlooms and real estate to her/his children, but not have clearly specified the basis of a division of those assets. Terrible disagreements may arise in regard to how the assets are to be divided. Assets held in joint ownership with non-family members can create similar problems.
We have considerable experience in helping trustees, executors and beneficiaries address and resolve such issues. We have done this work in New York, in California and in Italy.
Here are examples of what we have achieved for our clients:
Serving as “Acting Executor”
Named executors and trustees are frequently family members who do not have experience in matters relating to trust and estate administration, and who wish to receive practical assistance in identifying and evaluating issues and making important decisions. We have served on a consulting basis in providing advice and making recommendations to guide executors and trustees through the administration process.
Strategies to Increase Distributable Revenues and Reduce Expenses
Much of our trust and estate work has been in the development and pursuit of strategies to enhance distributable revenues and reduce taxes and other expenses. We find that through the in-depth factual analysis that we undertake, we often are able to recommend approaches that on implementation result in a significant increase in the funds that are distributable for purposes other than the payment of taxes and other expenses.
Mediating and Resolving Disputes
Beneficiaries of estates often have substantial disagreements in regard to issues that must be faced and resolved during the course of estate administration. These disagreements can be so significant as to paralyze the administrative process. We have acted on a number of occasions to mediate between parties with divergent positions, in order to forge a consensus that has allowed them to move forward to complete the administration of the estate.
Ambiguities in Wills and Trusts
We have been involved with a number of wills and trusts which include important provisions that are not entirely clear. Interested parties often seek clarification through the courts, which of course is an expensive undertaking. We have worked with executors, trustees and beneficiaries, and their lawyers, to help them reach a common understanding as to the meaning of the troublesome language, with the result that the litigation is avoided or resolved.
Estates with Significant Art Holdings
We specialize in helping executors, trustees and beneficiaries deal with complex issues that are presented in estates with sizable assets that include works of art.
Bequests to Foundations and Other Non-Profit Organizations
Various estates involve bequests to non-profit organizations, sometimes to family foundations that the testator established or as of the time of her/his death was in the process of establishing. The process of implementation of these bequests is often complex and fraught with difficulty. We have acted on behalf of executors, trustees and families of decedents in the implementation of decedents’ wishes. We provide estate beneficiaries with such ongoing assistance as they wish to receive as they assume responsibility for the foundations’ activities.