PROBATE AND ESTATE ADMINISTRATION
Probate and Estate Administration
Losing someone can be difficult, very sad, and overwhelming. Having to administer their estate can compound those feelings. We can help ease some of burden during this difficult time.
Probate: If at the time of someone’s death they had a Last Will and Testament (“Will”), they are said to have died “testate”. If they owned assets in their individual name without beneficiaries designated, their Will will need to go through “probate”, and those assets (known as “probate assets”) will pass pursuant to the relevant provisions in their Will. In New York, probate is the act of submitting the Will to the Surrogate’s Court and asking the Court to (a) declare that the document is the person’s Last Will and Testament, and (b) appoint someone (usually called the “Executor”) to be in charge of collecting and managing any probate assets, satisfying claims against the estate, distributing the probate assets pursuant to the terms of the Will, and handling other matters, such as individual tax returns and tax returns for the decedent’s estate.
Administration: If at the time of someone’s death they did not have a Will, they are said to have died “intestate”. If they owned assets in their individual name without beneficiaries designated, a New York statute (EPTL § 4-1.1) provides to whom the assets are to be distributed. (Contrast this with a Will, where the decedent specifies to whom the probate assets are to be distributed…) The Court still needs to appoint someone to be in charge of collecting and managing these assets, satisfying claims against the estate, distributing the assets pursuant to the statute, and handling other matters, such as individual tax returns and tax returns for the decedent’s estate. In New York, this is known as an “Administration” proceeding.
Both probate and administration can be complicated, confusing, and time-consuming. Documents need to be prepared and submitted to Court. Family members may need to be contacted and asked to sign documents. Beneficiaries may need to be notified. Estate expenses need to be handled correctly. Assets need to be distributed properly.
We work closely with our clients to help ensure that estate administration goes as smoothly as possible under the individual circumstances.