Any discussion regarding estates and trusts in New York invariably involves the Surrogate’s Court. To most individuals not involved with the settlement of a decedent’s estate or other Court matters, proceedings in a Court named Surrogate’s Court may seem mysterious and sometimes ominous. However, this Court and the nature of…
Everyone talks about preparing a Last Will or engaging in estate planning. Particularly now, with the advent of the pandemic, there is the reality of facing the need for post-death and advance directive documents. It is easy for an individual to view planning as the simple function of disposing of…
It is well known that writing an estate plan is essential to have an effectual distribution of assets at death. A lot of time and effort can be expended creating a Last Will, Living Will, Health Care Proxy and Power of Attorney that reflect a person’s desires and intentions. The…
After the death of an individual, the usual course is to proceed to have a fiduciary appointed to represent the decedent’s estate. This is necessary in order to have someone who has the legal authority to collect the decedent’s assets, pay estate expenses and obligations and ultimately, distribute the net…
Fiduciaries in New York such as executors, administrators and trustees are obligated to account to the beneficiaries. This means that estate and trust beneficiaries can request that they be provided with a financial accounting of the fiduciary’s activities. An account typically has specific information contained in various schedules showing the…
Preparing and probating a New York Will is important in order for a testator to effectuate an estate plan. There are many considerations that an individual needs to consider when planning an estate such as how assets are to be distributed and the identity of the beneficiaries who are to…
In New York there are many different types of residences that may have been occupied by a decedent. The settlement of an estate may be impacted by the nature of such home. For instance, a person may have been living in a rental apartment, or in a cooperative or condominium…
The appointment of a fiduciary is essential for the administration of a decedent’s estate. Assets that were owned solely in a decedent’s name at death are not accessible unless the Court appoints a duly authorized representative. Such representative can be an administrator if the person dies intestate or an executor…
A Last Will and Testament in New York must comply with the basic statutory requirements provided by the estate laws. The primary statute regarding the fundamental aspects of Will preparation and execution is Estates, Powers and Trusts Law Section 3-2.1 entitled “Execution and attestation of wills; formal requirements”. According to…
Upon the death of an individual, the process to administer the estate commences. Sometimes a person leaves a Last Will and Testament. If there is no Will, then the person dies intestate and the distribution of the estate is subject to the laws of intestacy. A primary function in administering…