The estate of a New York decedent contains many different types of assets. One of the most important items of ownership in an estate is real estate. These interests commonly constitute one of the estate’s most valuable assets. Since real estate holdings are so valuable and because the laws concerning real estate interests can be complex, estate executors and administrators can be engulfed by the need to resolve property issues during estate administration.
The New York Probate Lawyer Blog has had many posts discussing real estate issues that have arisen during the course of estate proceedings. One very common example of these issues occurs when the decedent dies and his residential home is also occupied by other family members. While the other family members have no title interest in the property, they often do not want to vacate the home where they lived with the decedent for many years. In these cases the estate fiduciary needs to have the family members move so that the property can be sold and the proceeds distributed to estate beneficiaries. When these differing interests collide, the result is that estate litigation in the Housing Court or Surrogate’s Court is needed to resolve the dispute. Continue reading →