When a loved one passes away it is a difficult and trying time. Getting together all the paperwork to start probate can be difficult, but Ira K. Miller & Associates can simplify this process.
What is Probate and Estate Administration?
When a person passes away their assets needs to pass to the people that are specified in the will, also known as beneficiaries. If there is no will, the estate passes to the beneficiaries according to the intestacy laws of New York State. The process of distributing assets is called Probate and Estate Administration.
What are the jobs of the Executor?
Specified in a will is the name of the person to distribute assets to the beneficiaries. This person is called the executor of the estate. Some of the executor’s responsibilities are to:
- Petition the court for probate and to be appointed as executor
- Securing all the assets and benefits to the estate
- Identifying all parties required to completing probate
- Filing both federal and sate estate tax returns and obtaining release
- Obtain letters testamentary from the court
- Transferring real property deeds to beneficiaries
- Avoiding income tax losses and
- Completing the estate administration in a timely manner
Who will administer the assets of the estate if there is no will?
If there is no will left behind, eligible parties may petition to become administrator. The distribution of your estate will be determined by the laws of the State of New York. A petition will need to be created and all distributees will need to be notified or waive their appearance. Once appointed administrator he or she will have similar responsibilities to the executor as mentioned above.
What is Trust Administration?
If you are a beneficiary or trustee of a trust, Ira K. Miller & Associates can help you determine your rights and obligations under the provisions of the trust and under the laws of the State of New York.