PROBATE AND ADMINISTRATION OF ESTATES
When a loved one passes away with a Last Will and Testament, his or her estate may go through a court-managed process called probate. Probate is a proceeding in which a judge declares a Will to be valid and appoints an individual responsible for handling the administration of the estate. This individual is referred to as the Executor. If a person dies without a Last Will and Testament, his or her estate may go through a court-managed process called administration. A court may then appoint an Administrator. The Administrator generally has the same responsibilities as an Executor.
STEPS TO ADMINISTERING AN ESTATE
Probate and Administration proceedings may differ, but most involve the following:
- Filing of a petition with the proper New York State Surrogate’s Court to appoint an Executor (where there is a Last Will and Testament) or an Administrator (where there is no Will) for the estate.
- Notice to beneficiaries under the Will and/or to statutory distributees.
- Inventory and appraisal of estate assets by the Executor or Administrator.
- Payment of estate debts to rightful creditors.
- The sale of estate assets.
- Payment of estate taxes.
- Accounting by the Executor or Administrator.
- Final distribution of estate assets to the beneficiaries or heirs.
- Executor or Administrator released of any liability.
PROBATE LITIGATION
Litigation over probate estates can involve disputes over various issues including, but not limited to:
- Will contests, by reason of lack of capacity, undue influence, fraud, duress, coercion, lack of proper formalities, or bequests to disqualified beneficiaries.
- Beneficiary claims.
- Accounting by an Executor.
- Breach of fiduciary duty.
- Estate mismanagement.
- Family disputes.