The settlement of a New York estate can be very complicated and involve many different issues. In fact, due to various problems, some estates may take years for estate settlement. However, there are three basic components to the process of administering an estate. First, there are proceedings concerning the appointment…
Estate planning is very important and may be accomplished by the creation of a number of documents. These papers include a Last Will and Testament and a lifetime trust which may be revocable or irrevocable. Advance directives in the nature of a Living Will, Power of Attorney and Health Care…
There are some very basic rules regarding the handling of a New York estate. Initially, a determination needs to be made as to whether or not a decedent had a Last Will and Testament or died intestate. If there is a Will, then a probate proceeding is filed with the…
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…
The settlement of an estate in New York involves many facets. Of course, in its initial phase, the appointment of a fiduciary such as an executor or administrator needs to occur. Thereafter, the fiduciary engages in the process of identifying and collecting assets, paying or resolving claims, debts or other…
A very common issue that arises in estate litigation concerns pre-death transfers of assets. When a person prepares a Last Will and Testament, this document only controls assets which are owned by a decedent at the time of death. If an asset is transferred or re-titled into the name of…
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…
One of the most important benefits from engaging in estate planning and creating a Last Will and Testament is that a testator can select and name an executor and alternate executor. This is important since the person nominated to act as fiduciary is someone whom the testator trusts and intends…
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. …