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. …
Disputes regarding estates occur all the time. These matters play out in the New York Surrogate’s Courts which is the primary forum where a decedent’s estate issues are determined. Estate lawyers in New York are familiar with all types of cases ranging from Will contests to the appointment of an…
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…
Estate and gift taxes have effects that may vary widely depending on the value of an estate and the place where you live. When a person engages in estate planning, the tax consequences are always considered. Like most taxes, estate and gift taxes are imposed by various states and by…
There are various types of fiduciary appointments granted by the New York State Surrogate’s Court. The Court may appoint an Executor and issue Letters Testamentary. This occurs in connection with the probate of a Last Will and Testament. If the decedent dies intestate, the Court appoints an Administrator and issues…
The estate laws in New York are comprised of a variety of statutes which set forth the right of individuals regarding estate inheritance. Some of these more well-known rules relate to a decedent’s surviving spouse. For example, as estate lawyers are aware, a surviving spouse cannot be completely disinherited. Estates,…
Contesting a Last Will in New York is a complex and difficult endeavor. The problem initially encountered, of course, is that the decedent is not available to explain exactly what occurred in connection with the preparation and execution of a Will. As a result, the facts and evidence need to…
Preparing a New York Last Will is essential in order to dispose of assets in an orderly manner. A Will allows a testator to provide for bequests and devises of his personal property and real estate interests according to his intentions and desires. Beneficiaries can be named and each one…