Did you know that administering a New York estate can be a very complex matter. Estates can vary in nature. There can be an Administration Estate when a person dies intestate (without a Last Will). There can be a Probate Estate when a person dies with a Will that is admitted to probate in the Surrogate’s Court. In a probate case the Court appoints an Executor. In an Administration case the Court appoints an Administrator.
The New York Probate Lawyer Blog has discussed many issues concerning estate settlement. Each estate can face unique problems that the estate fiduciary needs to anticipate and address. In some matters the decedent may have incurred a lot of debt or other monetary obligations that must be paid out of estate funds. In other situations the estate may be responsible to pay for various taxes related to the decedent. These taxes can be State or Federal income taxes that are due to income prior to the decedent’s death. There may also be income taxes incurred by the estate. Estate taxes may need to be provided for. Both New York State and the Federal government impose estate taxes. In all these matters, the estate fiduciary must be very cautious and make certain that estate liabilities are paid. The fiduciary can be personally liable if these obligations are not properly addressed. Continue reading