Estate planning in New York involves many different aspects. Initially, a person needs to consider and develop the manner in which an estate is to be distributed. Decisions need to be made concerning the various beneficiaries who are to receive distributions. Also, the amount of payment to each beneficiary under…
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…
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…
The imposition of a Guardianship for incapacity or disability in New York can occur in a number of ways. Perhaps the most well-known procedure is that provided by Article 81 of the Mental Hygiene Law (MHL). These provisions set forth the legal standards and procedures for the appointment of a…
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…
The probate process in New York is comprised of a number of stages. At the outset, the original Last Will and Testament of a decedent must be located. This is not always as easy as it seems. In some cases, only a copy of a Will is found. When this…
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…
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…