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Estate Administration Archives

What should I know about probate in New York?

The death of a loved one is a difficult situation to deal with for people throughout New York. One issue that many do not want to think about is how the decedent's assets will be handled after they have died. But, the distribution of assets and probate administration is an important part of wrapping up the person's affairs. Understanding probate is a key part of that and should not be ignored.

How are assets divided when one dies without a will in New York?

For people in New York who have not yet moved forward with estate planning or have a loved one who died without a will, it is important to know what will happen. For those with significant assets or limited assets, it is wise to think about a basic estate plan, regardless of the circumstances. If there was no will, the heirs should have legal help as well.

How is property distributed if there is no will?

When a person dies in New York, many heirs are surprised to find that the person did not leave a valid will. This is known as a dying intestate. Intestacy can be a problem for heirs as they will not get certain items from the estate they might have been promised or were expecting. There are certain laws in the state that will be adhered to if there was not a will. While this is not an ideal situation, it is important to understand what the law says and have legal assistance throughout the process.

Legal help with estate administration after a loved one's death

New Yorkers who are tasked with handling the estate administration of a loved one must know what they are dealing with. This is true with trust administration and estate administration. Since the issues surrounding these issues can be so complicated, having legal assistance is a must from the beginning of the process.

Key points to remember with estate administration

When a person is estate planning in New York, one of the most important aspects of the process is selecting the right person for the job of executor. It is not a simple responsibility and there are numerous traps involved with estate administration. The basics of estate administration include distributing the assets, adhering to the desires laid out in the will, and paying taxes. Executors are prone to certain mistakes that should be factored in from the time the estate plan is crafted. Knowing what to watch out for is key.

Understanding the consequences of dying without a valid will

Residents of New York might know that they should take the necessary steps to create an estate plan such as having a will. For all the good intentions that go along with will planning, it might be put off until later, repeatedly. Procrastination is a profound negative as failure to prepare for the inevitable future and not having a will can cause major problems for the loved ones after the person's death. There are multiple issues when a person dies without a will. Knowing and understanding the consequences should lead to a change of plans and the decision to create even a basic will.

What should I know about small estates when estate planning?

Not every New Yorker has a vast portfolio with significant assets that must be distributed at the time of death. Some people have significantly less. This determines the designation of the property of the decedent being referred to as a "small estate." If there was less than $30,000 in personal property - items that do not include real property - at the time of death, it will be a small estate. Technically, the estate is subject to Voluntary Administration. This makes it irrelevant as to whether the decedent had crafted a will.

How does intestacy affect my estate after death?

For people who have died and did not have a valid will, their estate is considered intestate. This means that there was no will and the distribution of assets will be based on the law for such circumstances. New York residents who fail to have even a basic estate plan should be aware of what this can do to the loved ones who are relegated to receiving their portions of the estate not based on what the person wants, but based on statute.

The importance of picking the right executor when estate planning

Vigilant New Yorkers will make certain that they have crafted a comprehensive estate plan regardless of their age, assets and family situation. However, one factor that is often overlooked is the executor. Many people will have someone in mind to serve this vital function, but they do not consider the multitude of factors that go into the decision and whether their initial choice is the right one for the job. Being an executor is not easy and bearing various issues in mind is key when selecting the person to do it.

Putting a value on the family business

A previous post on this blog discussed how an executor of a will or a trustee of a trust can put a correct value on some common types of property a person may hold when he or she dies. This process is important for a variety reasons and may rightly be called one of the most important things an executor or trustee will do as part of his or her duties.

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Weinstein & Randisi
290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
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