Understanding New York Estate Administration
Any type of legal matter should be handled by an experienced attorney, especially estate planning. After all, estate planning is about the legacy you leave behind to your loved ones. In the event that you need help probating a will in New York, you should familiarize yourself with the State’s administration and probate basics. By having a general understanding of how the process works you will be better prepared when you meet with your estate planning attorney.
Unless you are an attorney or have already been involved in estate planning, many of the legal terms used in the process may be confusing for you. First, you should know that when we talk about an “estate,” we are discussing a legal entity that holds the assets, rights and obligations of a deceased person.
Additionally, you should be aware that probate is the process by which the NY Surrogate court validates a last will and testament. In many cases, people try to avoid probate to save time and money and to maintain privacy. Should no will exist, the descendant’s estate will be disposed of through administration proceedings following state intestacy laws.
When you die in New York without a will, the State must appoint an administrator to handle the distribution of your estate. According to N.Y.
statute, an administrator is chosen in the following order:
- The spouse of the deceased;
- If no spouse exists, then it passes to the decedent‘s children;
- If the descendent has no children, then it passes to decedent’s mother/father;
- Should the descendent have no surviving parents, the decedent’s sisters or brothers are next in line;
- The grandparents may be appointed if none of the above individuals exist.
If more than one person is eligible, they must settle the dispute and choose an administrator. Any disputes that remain unsettled will be handled by the Surrogates court. It is important to understand that the administrator has many responsibilities including, but not limited to:
- Locating and gathering all estate assets;
- Opening an estate account;
- Managing estate assets;
- Acquiring an estate identification number from the IRS;
- Paying any estate taxes that might be due;
- Paying any debts owed by the decedent;
- Distribution of the remaining estate assets.
Like all areas of law, estate planning can become very complicated very fast. For experienced guidance with an estate planning matter in New York or Union or Hunterdon counties of New Jersey, contact Alec Borenstein, Esq., at firstname.lastname@example.org or call 908-236-6457 today.