Following the death of an individual, there may be a need to create a formal estate to deal with the decedent’s assets and affairs. The creation of an estate is typically either a probate estate where the decedent leaves a Last Will and Testament or an administration estate where the…
In the typical estate situation, the Surrogate’s Court will appoint either an Administrator or Executor to handle estate affairs. An Executor is appointed when the decedent leaves a Last Will and Testament. When a decedent dies intestate without a Will, an Administrator is appointed. The right to be appointed as…
When a person is appointed by the Surrogate’s Court as an Administrator or Executor of a decedent’s estate, he assumes a great deal of powers and responsibilities. Estates, Powers and Trusts law Section 11-1.1 entitled “Fiduciaries powers” sets forth an extensive statement of authority which an estate fiduciary may exercise. …
Kinship in New York is always an important factor affecting estate settlement. Most of the proceedings in the Surrogate’s Courts require that a decedent’s distributees or next of kin be included as interested parties. For instance, where a person dies intestate without a Last Will and Testament, the estate is…
When an executor or administrator is appointed to settle an estate, there are many tasks which need to be accomplished. Among the most basic fiduciary duties is the collection of assets and the resolution or payment of the decedent’s debts and monetary obligations. The New York Probate Lawyer Blog discusses…
The Surrogate’s Court Procedure Act (SCPA) Section 103 entitled “Definitions” provides a definition for “Fiduciary” at paragraph 21. The term includes an expansive list of titles including administrator, executor, guardian, and testamentary trustee. Someone acting in a fiduciary capacity to another generally means that such person owes certain legal responsibilities…
The administration and settlement of an estate in New York requires that the fiduciary perform many tasks. Initially, the first hurdle that must be overcome is the actual appointment process. When a decedent dies leaving a Last Will, the Will must be probated and the Court can appoint an Executor. …
Executors and Administrators of a New York estate bear a great responsibility with regard to their handling of a decedent’s affairs. From the surface it appears rather straightforward that the estate fiduciary needs to identify a decedent’s assets and arrange for their collection. Similarly, debts and expenses must be found…
Upon the death of an individual, the process to administer the estate commences. Sometimes a person leaves a Last Will and Testament. If there is no Will, then the person dies intestate and the distribution of the estate is subject to the laws of intestacy. A primary function in administering…
It is not uncommon for a person who is domiciled in New York to have the persons who are interested in his estate residing outside of New York. This situation can occur in a number of contexts. In the event a decedent created a Last Will and Testament, the document…