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…
When a person is appointed by the Surrogate’s Court as an Administrator or Executor of a decedent’s estate, he assumes a great deal of powers and responsibilities. Estates, Powers and Trusts law Section 11-1.1 entitled “Fiduciaries powers” sets forth an extensive statement of authority which an estate fiduciary may exercise. …
Kinship in New York is always an important factor affecting estate settlement. Most of the proceedings in the Surrogate’s Courts require that a decedent’s distributees or next of kin be included as interested parties. For instance, where a person dies intestate without a Last Will and Testament, the estate is…
When an executor or administrator is appointed to settle an estate, there are many tasks which need to be accomplished. Among the most basic fiduciary duties is the collection of assets and the resolution or payment of the decedent’s debts and monetary obligations. The New York Probate Lawyer Blog discusses…
The Surrogate’s Court Procedure Act (SCPA) Section 103 entitled “Definitions” provides a definition for “Fiduciary” at paragraph 21. The term includes an expansive list of titles including administrator, executor, guardian, and testamentary trustee. Someone acting in a fiduciary capacity to another generally means that such person owes certain legal responsibilities…
The administration and settlement of an estate in New York requires that the fiduciary perform many tasks. Initially, the first hurdle that must be overcome is the actual appointment process. When a decedent dies leaving a Last Will, the Will must be probated and the Court can appoint an Executor. …