New York Probate Lawyer Blog
As a New York Trusts and Estates and Real Estate Attorney for more than 40 years, I have come across many instances where fiduciaries must administer real estate. When a person dies one of the most valuable assets which may be part of an estate is real estate. This type of asset may be in the form of a decedent’s residence or commercial or business property. Additionally, real estate may include real property in the form of a house or a condominium. While cooperative apartments are technically not real estate since the ownership is a shareholder interest in the cooperative corporation, many of the same problems are associated with all similar types of real property interests.
The initial concern for an Executor or Administrator is to appreciate the type of appointment they have received. An Executor or Preliminary Executor is going to be acting pursuant to a Last Will and Testament. may provide specific provisions as to whom the real estate is to be given. Similarly, the document may provide that the property is to be sold and the net proceeds distributed to a number of beneficiaries. Where there is a specific devise of real estate a fiduciary’s authority to dispose of such asset may be limited.
In situations where a decedent dies intestate without a Will, the decedent’s distributees would be the beneficiaries of the property. In these cases, there may be complications since technically the distributees become owners of real property upon death. However, an estate may be subject to claims, expenses and debts which may require an Administrator to take control over the property to satisfy these items.
In addition to the basic issues as to determining the identity of the persons who are entitled to receive the property, there are a plethora of issues which affect property which may arise. For example, it is not unusual for estate property to be occupied by a surviving family member or third parties such as tenants or squatters. An Administrator or Executor may be required to commence eviction proceedings to obtain possession so that the property can be sold. The New York Probate Lawyer Blog has published many articles regarding estate settlement and real estate and evictions. Also, real property may be subject to a mortgage which must be paid off in its entirety. Estate funds may be needed to make mortgage payments for many months or even years until a sale can be obtained.
Other issues that can arise include the nature of the property itself. I have seen many instances where the real estate is subject to municipal violations such as building or housing code violations which must be resolved before a purchaser will take title. A house may be subject to termite conditions or leaks which may need to be cured on an emergency basis. Also, title issues may arise. There are many occasions where persons who owned title in the past must be shown to have transferred their interests to the decedent.
Needless to say, the interests of an estate fiduciary in real estate can be quite complicated. An Executor or Administrator has a fiduciary duty to deal with these matters efficiently and correctly. I have been representing executors, trustees, administrators and beneficiaries in estate and real estate matters for over 40 years. Do you have a question regarding an estate or real estate? Call me now for a free confidential review of your issue. We provide reasonable and flexible fee arrangements and personal representation.
New York Trusts and Estate Attorney Jules Martin Haas has helped many clients over the past 40 years resolve issues relating to guardianship and probate and estate settlement throughout New York City including the Bronx, Queens, Brooklyn, Manhattan, Nassau and Suffolk County. If you or someone you know has any questions regarding these matters, please contact me at (212) 355-2575 for an initial free consultation.