When someone creates a last will and testament, they make a legally binding document in which they clearly state how and to whom their assets will be distributed after their death. If a person dies without leaving a will, they are said to have died intestate, and New York’s laws of intestate succession will determine how the persons assets will be distributed....
When a decedent’s estate is valued under $50,000 and is comprised only of personal property, engaging in a full probate process is not cost-efficient. In these circumstances, New York law provides an alternative procedure for small estates called “Voluntary Administration.” This process is designed to reduce costs and simplify the requirements needed to distribute assets left by a decedent, whether they left a will or not....
Informal estate accounting is by far the simplest and least expensive type of accounting procedure. Informal accounting involves no contentious litigation expenses like hiring expert witnesses to testify to the value of particular assets. By avoiding unnecessary expenses, more of the estate’s assets are available to be distributed to the estate’s beneficiaries....
While there are many benefits to using a revocable living trust for some people, they may not be the legal instrument that fits your needs. Like all estate planning options, revocable living trusts have certain limitations....
To ensure someone makes the most informed decision about the best instrument to use in planning how their own estate will be set up, they should understand how wills and trusts work, how they differ from one another, and what advantages and disadvantages each instrument offers to both the settlor/testator(rix) and the beneficiaries. In this blog post, we’ll focus on how a revocable trust can serve as a tool to transfer tangible personal property or other assets to the next generation or to other parties you wish to endow....
If you are named as the executor of a person’s will, or you plan to administer the estate of someone who died without a will, you will be assuming a role of great responsibility as an estate fiduciary. How you perform your new duties will be subject to the oversight of the New York Surrogate’s Court, and the scrutiny of all those who stand to benefit from the decedent’s estate....
A letter testamentary is an important court order issued by the NY Surrogate’s Court only after the court conducts a detailed review of all the documents submitted by the person seeking to be recognized as the legal executor of decedent’s estate. ...
When a family member dies after a long illness, especially one that required very expensive medical treatments, the unpaid medical bills that remain can be enormous. Who is legally responsible for the medical debts that a decedent leaves behind?...
An affidavit of heirship is a document, sworn to under oath, that is submitted to the Surrogate’s Court definitively identifying all of the people who may have a legal claim to inherit the decedent’s assets or property....
Because estate planning sometimes involves legal instruments unfamiliar to most clients, it’s important to have trust that your estate planning lawyer is knowledgeable about what’s right for you and your family, and that they are up to date on all current and pending laws relevant to your purpose....
An administration C.T.A. is a process ordered by the court when the person named as executor in a Will is unable or unwilling to fulfill his/her fiduciary responsibilities. An important part of writing a Will in New York is the designation of someone to act as the executor of the Will when the time comes to submit the Will to the Surrogate’s Court for probate....
In cases with no will, the court appoints an “administrator” to oversee the management of the estate assets. In such a case, the Surrogate Court will issue Letters of Administration, documents attesting to that person’s authority to perform acts for the estate, subject to the court’s approval....
In New York, removing an executor requires substantial evidence of specific grounds set out in the statute that governs their disqualification. Our state’s courts treat the removal of an executor as a very serious step to be taken only in rare circumstances. The courts have ruled that removing an executor annuls the testator’s choice, and should be granted only when the grounds are clearly established or on a clear showing of serious misconduct that endangers the safety of the estate....
At Ely J. Rosenzveig & Associates, our attorneys have extensive experience representing clients who become involved in the probate process. In some cases, we have acted as legal counsel to the personal representative appointed by the court to execute a decedent’s will. In other cases, we’ve represented a beneficiary who wanted their interests protected, or a beneficiary who challenged the authenticity or validity of a decedent’s will. ...
Probate is a process conducted by the surrogate’s court in New York to authenticate a decedent’s (the person who died) last will and testament....
Probate court is a proceeding in which a deceased person's assets and property are transferred to those named to inherit them. The probate process can be time-consuming, expensive, and frustrating. It’s wise to take action now to spare your family and friends the headaches if possible. ...
Probate is a process conducted by the surrogate’s court in New York to authenticate a decedent’s (the person who died) last will and testament....