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…
The settlement of an estate in New York involves many facets. Of course, in its initial phase, the appointment of a fiduciary such as an executor or administrator needs to occur. Thereafter, the fiduciary engages in the process of identifying and collecting assets, paying or resolving claims, debts or other…
A very common issue that arises in estate litigation concerns pre-death transfers of assets. When a person prepares a Last Will and Testament, this document only controls assets which are owned by a decedent at the time of death. If an asset is transferred or re-titled into the name of…
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…
One of the most important benefits from engaging in estate planning and creating a Last Will and Testament is that a testator can select and name an executor and alternate executor. This is important since the person nominated to act as fiduciary is someone whom the testator trusts and intends…
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. …
Disputes regarding estates occur all the time. These matters play out in the New York Surrogate’s Courts which is the primary forum where a decedent’s estate issues are determined. Estate lawyers in New York are familiar with all types of cases ranging from Will contests to the appointment of an…
Executors and Administrators of a New York estate bear a great responsibility with regard to their handling of a decedent’s affairs. From the surface it appears rather straightforward that the estate fiduciary needs to identify a decedent’s assets and arrange for their collection. Similarly, debts and expenses must be found…
Estate and gift taxes have effects that may vary widely depending on the value of an estate and the place where you live. When a person engages in estate planning, the tax consequences are always considered. Like most taxes, estate and gift taxes are imposed by various states and by…