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…
The administration of a New York estate can involve many different aspects relating to the decedent’s lifetime affairs. For example, after the Court appoints an executor or administrator, issues relating to a business may need to be resolved. The business may have been in the form of a corporation or…
There are many issues associated with the settlement of a New York estate. In many cases it is not clear as to who is the authorized or designated person entitled to administer an estate. If a decedent left a Last Will and Testament, the document typically nominates an Executor to…
When a person dies leaving a Last Will and Testament, he is said to have died testate. This is unlike a situation where there is no Will. In such case, the person is said to have died intestate. In order for a Will to control the disposition of a decedent’s…
Whether a decedent dies intestate without a Last Will and Testament, or with a Will, the retention of an experienced estate attorney can be essential to settling an estate efficiently. In the case of intestacy, a proceeding to obtain letters of administration will be required to collect assets that are…
The process of determining the identity of assets which belong to an estate is a fundamental responsibility of an executor or administrator. In most cases it is easy to locate a decedent’s bank or financial accounts or real estate. There are typically statements or deeds or other documents which clearly…
New York estate administration involves the collection of assets and the payment of the decedent’s debts and obligations. Assets may include bank accounts, financial holdings in brokerage accounts, pension funds, 401(k) accounts and life insurance. One of the major assets typically found in an estate is real estate. This asset…
Following the death of an individual, there may be a need to create a formal estate to deal with the decedent’s assets and affairs. The creation of an estate is typically either a probate estate where the decedent leaves a Last Will and Testament or an administration estate where the…
In the typical estate situation, the Surrogate’s Court will appoint either an Administrator or Executor to handle estate affairs. An Executor is appointed when the decedent leaves a Last Will and Testament. When a decedent dies intestate without a Will, an Administrator is appointed. The right to be appointed as…