Articles Archive for September 2017
Probate and Estate Administration »
There will not be any inheritance to the heirs or beneficiaries, who receive assets only if all debts are paid. New York law has a statutory priority of claims, in which some claims (such as funeral expenses) come ahead of others. New York law allows the creditors to reach assets of the decedent which were placed in certain types of trusts (e.g., a “living trust”), and requires those trustees to use trust assets if necessary for estate expenses and claims.
Probate and Estate Administration, Wills »
Under New York law, an election notice must be filed in Surrogate’s Ct within six months from the issuance of letters testamentary or letters of administration, but not later than two years after the decedent’s date of death. Written notice must be served by mail upon decedent’s personal representative.
Probate and Estate Administration, Trusts, Wills »
In New York, a surviving spouse cannot be disinherited. A surviving spouse is entitled to at least $50,000 or one-third of the decedent spouse’s net estate, whichever is greater. The surviving spouse has a right of election even if the decedent has no Will. The purpose of this rule is to give effect to the testamentary substitutes. Otherwise, a spouse could make gifts with retained power to revoke and invade, and then die intestate, leaving his spouse with a right of election in an estate of zero dollars.
Probate and Estate Administration, Wills »
A photocopy of a Last Will and Testament may be offered for probate. The Surrogate’s Court Procedure Act requires that the petitioner meet the following three burdens in order to have a photocopy of the Will admitted to probate: (i) the decedent did not revoke the Last Will and Testament being offered to the Court, (ii) the Last Will and Testament was properly executed in accordance with New York law, and (iii) at least two witnesses can demonstrate that the photocopy is complete.
Probate and Estate Administration »
Usually not. Most probated estates are uncontested and undisputed, in which case neither the attorney nor the executor actually goes to court. All the paperwork is handled by mail. Therefore most estates can be handled by any New York-licensed attorney, regardless of where he or she may actually have his or her office.
Probate and Estate Administration, Wills »
If the decedent was a resident of New York, the probate laws of New York determine who will get the decedent’s personal property (wherever it was located) and the decedent’s real property located within New York. However, property owned by the decedent in another state is subject to that state’s laws in determining how the real property will be distributed. There will be probate in each state where there is real property, in addition to the home state.
Probate and Estate Administration »
If there is a will, the person named as executor will usually be appointed as the personal representative. This person is responsible for managing the estate and following probate rules and procedures.
If there is no will, or if the will doesn’t name an executor, or the person named as executor in the Will is unable to be executor or does not want to be executor, the probate court appoints someone called an administrator to handle the process. The court usually chooses the closest living relative, or a person who will …