Time after time, estate executors and administrators seem to be confronted by a common problem – the sale of estate realty occupied by a family member. The duty or obligation of the estate fiduciary is to collect and protect the estate assets and satisfy the decedent’s debts and obligations and…
Article 81 of the Mental Hygiene Law provides the procedures and requirements regarding guardianship of an incapacitated person. The statute allows for the appointment of a guardian for property management and for personal needs. Whether or not a person requires a guardian is determined by the Court after a hearing. …
The settlement of an estate typically focuses on the protection and collection of estate assets. These assets may include bank accounts, retirement funds and other financial holdings. However, the major asset in most estates is an interest in real estate. Real estate may be in the form of a single…
The surviving spouse of a decedent is afforded numerous post-death rights. At the most basic level, where the decedent did not have a Last Will and Testament, pursuant to Estates Powers and Trusts Law Section 4-1.1, the surviving spouse is entitled to be paid the entire intestate estate or at…
In situations where a decedent does not leave a Last Will and Testament, the Court must be satisfied that it has received complete kinship information. This is because both the appointment of the estate administrator and the ultimate distribution of estate assets are based upon identifying the decedent’s next of…
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…
The executors and administrators of a New York estate have a fiduciary responsibility to collect and protect estate assets. In the event these fiduciaries fail to act in a responsible manner, the administrator or executor’s malfeasance would constitute a breach of fiduciary duty. When a situation arises where it appears…
It is an important role of estate planning to prepare a Last Will and Testament. This document allows a testator to set forth in various provisions his desires as to the disposition of his estate. Once a Will is admitted to probate, the terms become validated and the testator’s estate…
Estate planning in New York involves the preparation of different documents. These include a Last Will and Testament, Living Will, Living Trust, Power of Attorney and Health Care Proxy. All of these papers have terms and language which should be clear and specific so that the writer’s intentions are precisely…
There are a number of different types of fiduciaries. These include Executors, Administrators, Trustees and Guardians. Even an agent under a Power of Attorney stands in a fiduciary relationship to his principal. One common aspect relating to all fiduciaries is that they are required to provide a complete accounting of…