There is a simplified procedure known as a “Small Estate Proceeding” or “Voluntary Administration” which may be available when the decedent dies leaving personal property (not real estate), such as bank accounts, vehicles, shares of stock, etc. having a total value of $30,000 or less.
The person appointed to administer a small estate is referred to as a “voluntary administrator” and is usually the executor named in the decedent’s Will, or the decedent’s surviving spouse or child if there is no Will. Unlike an executor or administrator, the voluntary administrator does …

Property received by inheritance currently receives a “stepped-up” basis to its date of death value. Therefore, if that property is subsequently sold by you, any capital gain (or loss) to be reported on your personal income tax return is calculated as the difference between the sale price and the date of death value. The appreciation in value of that capital asset which occurred during the decedent’s ownership of the asset avoids capital gains taxation.

Generally speaking, property received as a gift, bequest or inheritance is not included in your income for tax purposes. However, that property later produces income, such as interest, dividends, rental, etc., that income is taxable to you.
In addition, there may be taxable consequences relating to amounts you inherit from retirement accounts owned by the decedent, such IRA’s and annuities. Thus, if you are a beneficiary of such an account, it is prudent to consult with your tax or financial advisor to discuss your distribution options.
With such retirement accounts, any amounts …

Both executors and administrators are entitled to collect commissions for serving as the personal representative of the estate. The commissions are set forth by statute and are based upon the size of the probate assets in the estate as follows:
5% of the first $100,000 in assets;
4% of the amount between $100,000 and $200,000;
3% of the amount between $200,000 and $700,000;
2 ½% of the amount between $700,000 and $4 million;
2% for amounts above $5 million.
It is important to note that all personal representatives must include in their gross income all commissions …

Assets owned by the decedent can be characterized as either “probate” assets or “non-probate” assets. Generally speaking, probate assets are those assets owned individually by the decedent and titled to the decedent alone, and assets specifically designating the estate as beneficiary.
Probate assets become part of the decedent’s estate and are distributed by the executor to the beneficiaries named in the Will, or by the administrator to the decedent’s heirs at law.
Non-probate assets include certain assets that pass by operation of law immediately upon the decedent’s death, such as assets held …

No. The main purpose of probating a decedent’s will is to allow for the legal transfer of the probate assets to the beneficiaries named in the will. The probate assets consist of any assets owned individually by the decedent, in addition to any assets owned by the decedent naming his or her estate as the beneficiary. Other assets, such as assets with a named beneficiary other than the estate assets held jointly between the decedent and another individual as joint tenants, and assets with “payable upon death” provisions are …

Generally speaking, it is quite difficult to successfully challenge a decedent’s Will which has been offered for probate. There are several legal grounds for contesting the probate of a Will, which include:
a) Defective Execution- the formalities and requirements of the Will signing “ceremony” were not adhered to;
b) Valid Revocation- the will being offered for Probate was validly revoked by the testator;
c) Lack of Testamentary Capacity- the testator was not of sound mind when the Will was executed;
d) Undue Influence- the testator was coerced by …

The Surrogate’s Court charges a filing fee when an estate is initially opened, which is based upon the total value of the probate assets in the estate. Those filing fees range from $45.00 for an estate in which there is less than $10,000 in probate assets, to $1,250.00 for an estate in which the assets total $500,000 or more.
There are also miscellaneous filing fees charged by the court if there are additional proceedings necessary during the course of the estate, such as the appointment of a trustee named in a …

The costs associated with probate proceedings vary greatly depending on the complexities of each particular case. Legal fees associated with a simple probate will be comparatively modest in comparison to those in a contested probate matter.  Probate is simple where all of the parties are close relatives and are in agreement with the terms of the Will.  In addition to legal fees, the Surrogate’s Court charges probate filing fees based upon the value of the gross estate.
In New York, there is no set legal fee for a probate proceeding so …