One of the primary assets which may be owned by a trust or estate is real estate. This asset may be in the form of residential real property or commercial property. Also, other types of similar assets should be included in the discussion. A condominium unit is real property but…
The probate of a Last Will and Testament validates the provisions contained in the Will. The various Will directions can take many forms. There can be dispositions of specific dollar amounts to beneficiaries, as well as dispositions based upon a stated percentage or share of the estate or of all…
The acceptance of an appointment as a New York estate Executor or Administrator requires that an individual carry out responsibilities. The failure to act in a responsible manner could subject a fiduciary to damages for breach of fiduciary duty. Provisions contained in the Estates, Powers and Trusts Law and the…
Probating a Will in New York requires that the document satisfy the Court requirements for authenticity. In other words, a Last Will must be executed in the manner required by the Estates, Powers and Trusts Law. This requires a writing and at least two witnesses. In addition to the basic…
One of the most common questions that is raised following the death of an individual is whether there is a surviving spouse. This is especially so in cases where a person dies intestate without leaving a Last Will and Testament. In intestate estates, the decedent’s assets pass to his distributees…
In most New York estates, there is no question or controversy as to which state law applies to estate administration. When a person who lives and maintains his primary residence in New York, the provisions of New York estate law are looked to regarding estate settlement. Thus, a probate proceeding…
A New York Executor or Administrator has many duties and obligations. Among these matters is the necessity to identify, protect and collect estate assets. The many powers granted to a fiduciary are set forth in Estates, Powers and Trusts Law Section 11-1.1 entitled “Fiduciaries’ powers.” While collecting assets such as…
There are some very basic rules regarding the handling of a New York estate. Initially, a determination needs to be made as to whether or not a decedent had a Last Will and Testament or died intestate. If there is a Will, then a probate proceeding is filed with the…
One of the most important benefits from engaging in estate planning and creating a Last Will and Testament is that a testator can select and name an executor and alternate executor. This is important since the person nominated to act as fiduciary is someone whom the testator trusts and intends…
There are various types of fiduciary appointments granted by the New York State Surrogate’s Court. The Court may appoint an Executor and issue Letters Testamentary. This occurs in connection with the probate of a Last Will and Testament. If the decedent dies intestate, the Court appoints an Administrator and issues…