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…
Important Facts Regarding Intestate Estates In New York * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *…
When a person dies without a Last Will and Testament, he is deemed to have died intestate. This means that the administration of the decedent’s estate is to be controlled by the New York laws of intestacy. The primary statutory authority for intestate estates is Estates, Powers and Trusts Law…
Very often the Surrogate’s Court requires that an Executor or Administrator post a bond as a condition to their appointment as a fiduciary. A Bond in the Surrogate’s Court is typically within the discretion of the Judge. Surrogate’s Court Procedure Act (SCPA) Section 710 entitled “Objections which require bond from…
When a person dies without a Last Will he is deemed to have died intestate. In cases of intestacy there are numerous facts that must be considered in connection with the appointment of an estate administrator and the settlement of a decedent’s estate. The New York Probate Lawyer Blog has…
When a person dies it is common to refer to matters dealing with the decedent as issues concerning his “estate”. However, it is important to learn exactly what is meant by a person’s estate”. Upon death, an individual typically owns various assets. These may include real estate, bank accounts, brokerage…
When a person dies there are many issues that can affect the settlement of his estate. Initially, it must be determined wither the decedent had executed a Last Will. If so, then a probate proceeding is to be filed in the Court. In the event the decedent died intestate (without…
When a person dies without a Last Will, he is considered to have died intestate. The process to appoint a fiduciary for an intestate decedent is known as an Administration Proceeding. At the conclusion of this type of case the Surrogate’s Court will appoint an Administrator. This is in…
Real Estate ownership by a decedent is commonplace. A person may have owned a family residence, or investment or commercial properties. Ownership interests may also appear in the form of cooperative and condominium units. These types of assets constitute one of, if not the, most valuable estate asset. The administration…