In this case, the Supreme Court of New York considered whether a joint bank account is estate property. It is commonly believed that with a joint bank account there is always the right of survivorship. This would mean that when one of the joint owners passes away, the proceeds of…
Estate administration has two main goals. One goal is to distribute the assets of a decedent according to the terms of their will. If there is no will, assets are distributed according to the law of intestate succession. The other goal is to pay the decedent’s debts as well as…
Generally, when someone passes away, their estate must go through an administration process that starts with submitting the decedent’s will, if any, to the Surrogate’s Court, along what a petition for appointment of the administrator or executor. The law requires that interested parties must be notified that the estate is…
he purpose of the estate administration process is to settle the outstanding affairs of a decedent. This includes ensuring that the debts that the decent left behind and the expenses related to the administration of their estate are paid. Debts may include household bills, car loans, credit card bills, and…
The administrator of an estate is a fiduciary. As such, they are held to a high standard of conduct. They must perform their responsibilities with care and make the interests of the estate a top priority. They must be trustworthy and must not self-deal. If an administrator violates their duty…
Settling the estate of a parent is difficult for children. It is even more difficult when the children do not agree on how to handle property that they inherit together as tenants in common. In Baucom v. Young, Dorothy Baucom died intestate on January 24, 2013, leaving 3 adult daughters: …
When a person dies without a will, they would have died intestate. When this happens, their estate is distributed according to New York’s law of intestate succession to those who are considered the decedent’s next of kin. Typically, this means that the decedent’s surviving spouse and children would inherit. In…
Under New York law, for a will to be valid, the person making the will, known as the testator, must have been of “sound mind and memory” at the time the will was executed. Testamentary capacity refers to the mental ability of the testator to understand the meaning and impact…
A last will and testament allows a testator to specific who will receive their property upon death. It is an effective way to ensure you’re your property goes to who you want to receive it. However, many people do not leave wills, dying intestate. As result, New York’s law of…
A military testamentary instrument is sometimes called a “military will.” It is a last will and testament as described by federal statute 10 USCS § 1044d. It can be executed only by or on behalf of a person who is eligible for military legal assistance. Like any other type of…