The estate of a decedent can be affected by many different pre-death and post death events. For example, the decedent may be involved in a lawsuit during life that is still ongoing at the time of death. It will then be up to the estate Executor or Administrator to take over the lawsuit to its conclusion. Depending upon the nature of the case, the lawsuit may result either in a liability to the estate or an asset if the estate recovers money.
New York Probate Attorneys are familiar with many other situations that can impact estate settlement. One such situation involves the marital status of the decedent at the time of death. Under the New York estate laws, a spouse of the decedent has certain rights. If a married person dies without a Last Will, Estates, Powers and Trusts Law (“EPTL”) Section 4-1.1 provides that the surviving spouse would inherit a share of the decedent’s estate. Also, it is not uncommon that a spouse is named as a primary beneficiary in a decedent’s Last Will and Testament. However, even where a spouse is not named in a Will, EPTL Section 5-1.1-A, entitled “Right of election by surviving spouse”, provides the survivor with the right to receive the greater of $50,000.00 or one-third (1/3) of a decedent’s net estate. Continue reading