The New York estate laws contain provisions concerning the various relationships between family members. There are statutes concerning spousal rights and also inheritance rights relating to other family members. For example, a New York spouse has the ability to make a claim against the other spouse’s estate if they are…
An executor or administrator is responsible to complete estate settlement. There are many aspects to settling an estate. The fiduciary must identify estate assets and actively seek to collect the assets. Additionally, an estate representative must ascertain the various debts and claims which may be outstanding. Also, expenses of administering…
One of the most valuable assets in an estate is typically real estate. This asset is usually the decedent’s residence. Since real estate predominates as an estate asset, many aspects of real estate law can be involved in estate settlement. Also, estate litigation in the Surrogate’s Court often concerns this…
A decedent’s estate may consist of many types of assets. These may include bank and other types of financial accounts, retirement funds and real estate. Another very common asset owned by decedents is an interest in a cooperative apartment. A cooperative apartment, or co-op, is not real estate. In fact,…
There are essentially two (2) different paths to follow for the appointment of a fiduciary after someone dies. In order to administer and settle an estate, there must be an executor or an administrator. If the decedent left a Last Will and Testament, then a probate proceeding is going to…
There are many different obligations and aspects to the role of an estate executor or administrator. Their primary duty is to collect assets and satisfy estate obligations. In most instances, the assets owned by a decedent are easily identified and collected, such as bank accounts, real estate, financial accounts and…
During the course of the administration of a New York Estate, an executor or administrator may be confronted with various issues. For example, there may be numerous debts that need to be satisfied, such as credit card bills, medical bills, car loans, mortgages and utility bills. Each of these items…
A New York estate may have many different types of assets. These may include bank accounts, brokerage accounts, real estate, and retirement funds. Each of these items can present various issues for an executor or administrator. The estate fiduciary has an obligation to collect and protect estate assets. The failure…
One of the aspects involved with administering an estate in New York is the identification and collection of estate assets. A decedent may have owned bank accounts, security investments, real estate or business interests. In many cases, it is rather easy for an executor or administrator to obtain information regarding…
The essence of administering any estate begins with the appointment of an estate fiduciary. Estate settlement cannot occur without a party who is legally authorized to act. There are many variables which come into play regarding fiduciary appointment. In some cases, the decedent left a Last Will and Testament. This…