New York Probate Lawyer Blog

A Fiduciary in New York has many duties and obligations. The New York Probate Lawyer Blog has posted many articles discussing these matters. Executors, Administrators and Trustees must not breach their fiduciary duties. There are many different obligations. Generally, a fiduciary is held to a very high standard by the Courts. The reason for this view is that a fiduciary is entrusted with a tremendous amount of authority and discretion and is required to act in the best interest of the persons that are to be benefited by the fiduciary’s actions.

A fiduciary’s powers are very extensive. For example, in the case of an estate fiduciary such as an Executor or Administrator, Estates, Powers and Trusts Law (EPTL) Section 11-1.1 entitled “Fiduciaries’ Powers”, sets forth many areas in which the executor or administrator may act. Among the many powers enumerated in the statute is the power to invest estate property, to sell or mortgage property, to settle claims and to pay proper and reasonable estate expenses. In addition, a person’s Last Will or Trust can give a fiduciary powers that are not provided by the statute. Such documents can also limit or direct a fiduciary with respect to the exercise of certain powers. Continue reading

There are many cases in the Surrogate’s Court which involve a Public Administrator. Generally, a Public Administrator is a public official who is given the authority to administer estates where no other person or entity is properly available to act as fiduciary. Article 11 of the Surrogate’s Court Procedure Act (SCPA) sets forth provisions regarding such administrators in New York City. For example, SCPA Section 1112 is entitled “Authority to act” and provides that the Public Administrator in a county, such as Kings County or Queens County, can “take charge of the personal property of the intestate” when a decedent dies intestate and there is no known person eligible to receive letters of administration. Continue reading

Beneficiaries of an Estate in New York may be determined in a number of different ways.  The most recognizable method of beneficiary designation is the naming of an individual or institution to receive a benefit in a Last Will.  There are many different types of dispositions that can be made in a Will such as leaving a specific item or property to a beneficiary or by just setting forth that the beneficiary is to receive a certain share or percentage of an estate.

Another method of beneficiary selection is where a decedent does not prepare a Last Will. When a person dies intestate his estate is distributed to his distributees (i.e. heirs at law). The persons who qualify as distributees are determined by the New York Estate laws. Estate Lawyers in New York are familiar with Estates, Powers and Trusts Law (EPTL) Section 4-1.1 which provides the priority of the individuals entitled to share in the intestate estate. EPTL 4-1.1 is entitled “Descent and distribution of a decedent’s estate”. This statute has been discussed in many prior articles in the New York Probate Lawyer Blog. Continue reading

Fiduciaries who are appointed by the Surrogate’s Courts in New York have many responsibilities.  The fiduciary can be an Executor or an Administrator.  It is very common for a decedent’s estate to have amongst its assets real estate.  In fact, in many situations a decedent’s home may be the most valuable asset of an estate.

Single and multi-family homes exist throughout the New York Metropolitan area and over the years the value of these properties have increased dramatically. The New York Probate Lawyer Blog has provided numerous posts that discuss issues relating to the eviction of persons who occupy estate real property. To re-cap, when a person dies the house in which he/she lived may continue to be occupied by someone who is not entitled to receive the entire property either pursuant to a Last Will or through intestate administration. The occupant could be a third-party tenant or perhaps even a relative of the decedent. Continue reading