Planning a New York estate is an ongoing process. There are always various matters to be considered. Many aspects in a person’s life change over time. The nature and value of assets may fluctuate. Also, the identity of the beneficiaries can vary. There can be new potential beneficiaries such as…
Estate planning in New York is an important consideration for all individuals. When a person dies, assets are disposed of according to the laws in New York. If property passes upon death by operation of law then named beneficiaries or joint owners become the owners. Where assets are held in…
The New York Court system contains a number of different Courts. For instance, in New York City there is the New York City Civil Court, the Family Court, the State Supreme Court, the Appellate Term and the Appellate Division. Additionally, each County has a separate Surrogate’s Court. The Surrogate’s Court…
One of the most important fiduciary duties of an Executor or Administrator is locating and recovering estate property. The assets of the decedent must be secured so that they can be distributed to estate beneficiaries. Assets are also needed to pay estate expenses such as deb Sometimes it is difficult…
Inheritance rights in New York are mainly found in Estates, Powers and Trusts Law (EPTL) Section 4-1.1 entitled “Descent and distribution of a decedent’s estate.” This section provides the priority of persons who have rights of next of kin to receive a share of a decedent’s estate when there is…
The Surrogate’s Court in New York is the judicial forum that appoints Executors and Administrators of an estate. When a person dies and leaves a Last Will and Testament, the usual process is to appoint an Executor. The person who is to act as the Executor is named in the…
When a person creates a New York Estate Plan, one of the most important documents is a Last Will and Testament. A Will is an instrument that controls the disposition of assets that are owned in the name of the decedent alone at the time of death. Assets that are…
The job of an estate fiduciary is to settle a decedent’s estate. Whether the fiduciary is an Executor or Administrator there are three main aspects to estate administration. At the outset, the proceeding to appoint a fiduciary is critical. This is because until an administrator or executor is appointed, there…
When a person dies there is a lot of concern about the actions to be taken regarding the handling of the individual’s estate. While this article talks about 5 important steps or considerations in truth, depending upon the nature of the estate, there can be many more. To begin with,…
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…