During the course of estate administration, the beneficiaries of an estate may need to wait many months or even years before their beneficial interests are paid. In many instances a lengthy delay may cause a hardship to a beneficiary, especially when the beneficiary was dependent upon the decedent for support…
A person who is a New York domiciliary typically has his estate administrated in the County Surrogate’s Court where he maintained his home. Domicile is a person’s primary home as opposed to numerous residences which may be used. Whether a New York decedent has a probate estate or dies intestate…
A fiduciary is defined in Section 103(21) of the Surrogate’s Court Procedure Act (SCPA) as including an executor, administrator and trustee. These fiduciaries have various obligations with regard to carrying out their duties and obligations. To begin with, statutes such as Estates, Powers and Trusts Law (EPTL) section 11-1.1 entitled…
When an Executor or Administrator is appointed by the Surrogate’s Court, the job of estate settlement begins. One of the first orders of business is identifying and collecting the assets of the estate. The New York Probate Lawyer Blog has discussed the issue of asset protection and collection on many…
The distribution of a decedent’s estate is controlled either by a Last Will and Testament or by the laws of intestacy. When there is no Last Will, Estates, Powers and Trusts Law Section 4-1.1 entitled “Descent and distribution of a decedent’s estate” determines the individuals who are entitled to a…
Planning a New York estate is an ongoing process. There are always various matters to be considered. Many aspects in a person’s life change over time. The nature and value of assets may fluctuate. Also, the identity of the beneficiaries can vary. There can be new potential beneficiaries such as…
The New York Court system contains a number of different Courts. For instance, in New York City there is the New York City Civil Court, the Family Court, the State Supreme Court, the Appellate Term and the Appellate Division. Additionally, each County has a separate Surrogate’s Court. The Surrogate’s Court…
The Surrogate’s Court in New York is the judicial forum that appoints Executors and Administrators of an estate. When a person dies and leaves a Last Will and Testament, the usual process is to appoint an Executor. The person who is to act as the Executor is named in the…
Among the many fiduciary duties that an Executor or Administrator must perform is the duty to locate and collect estate assets. There are a variety of assets which include bank accounts, security accounts, retirement funds, business interests, life insurance, annuities and real estate. In New York, along with real property…
When a person dies without a Last Will and Testament he is said to have died intestate. In these cases there are two statutes in New York that must be referred to for primary consideration. Estates, Powers and Trusts Law (EPTL) section 4-1.1 entitled “Descent and distribution of a decedent’s…