What are non-probate assets and how to recover them?  

estate assets document

When a person passes away, their estate is often comprised of probate assets and non-probate assets.  Probate assets are assets that will be distributed according to the decedent’s Last Will & Testament.  These assets are titled solely in the decedent’s name. Non-probate assets are sometimes called testamentary substitutes.  These assets have beneficiaries associated with the […]

What commissions are an Executor or Administrator entitled to?

pile of hundred dollar bills

An Executor or Administrator of a decedent’s estate is entitled to a commission.  The job of the Executor or Administrator is to gather all the assets of the decedent, pay the liabilities, and distribute the funds according to the decedent’s Last Will & Testament or according to the intestacy rules of New York.  The executor […]

What is an Ancillary Probate or Ancillary Administration Proceeding?

law book that's titled probate

When a person passes away with real property in multiple states, an ancillary proceeding may be necessary. The primary probate proceeding (if the person passed away with a Last Will & Testament) or primary administration proceeding (if the person passed away without a Last Will & Testament) is commenced in the State and County where […]

What is a Probate Estate?  

Probate is defined as the official proving of a Will.  Many people think that when they create a Will all their assets will be distributed according to their will. This may not be the case. The only assets that can be administered according to the terms of the Will are assets in the probate estate. […]

Seven Benefits of a Revocable Living Trust

  Many Americans simply leave a will to distribute their assets upon their passing.  However, the creation of a Revocable Living Trust creates several benefits unavailable to those simply leaving a will. Here are seven benefits to creating a Revocable Living Trust 1) Avoiding Probate- A great benefit of a living trust is that it […]

Probate 103- Distribution According to the Last Will and Testament

The last step of an estate is everyone’s favorite, distribution. After all the estate’s property has been marshaled and liabilities have been paid, the executor can begin the process of distribution according to the Last Will and Testament. The executor should wait 7 months for any creditors to submit their claims to the estate. It also may be […]

Probate 102 – Marshalling of Assets and Payment of Liabilities

Once the courts grant the Executor letters testamentary, it is time to marshal the assets and pay the liabilities of the estate. An experienced estate attorney can provide valuable advice and help with this process. Marshalling the assets involve first locating the assets of the decedent. The assets that are to be marshaled are any accounts and property […]

Probate 101 – Appointment of the Executor

If you are named Executor in a Will, you may be asking yourself what are the next steps? Hiring a knowledgeable and experienced probate/estate attorney can help you with all the necessary steps in probating the Will. The first phase of probate is to get appointed as Executor by the Surrogates Court. The following documents need to be […]

What is Probate?

Probate sounds like a big scary word and often times can intimidate people. Probate is simply the legal process of distributing assets according to the Last Will & Testament of the Testator (person who created the will). The person that has this job is the executor of the estate listed in the Will. The executor has the […]