Understanding Probate and Estate Administration
If someone you care about passed away in Long Island or the New York City area, I can guide you through probate and the entire estate administration process. Whether you have been named as an Executor or beneficiary in a Will or your loved one did not have a Last Will & Testament, the process can be difficult and time consuming. The Law Office of Andrew M. Lamkin, P.C. can help you obtain appointment as the Executor, settle debts, distribute assets and explain all of your legal rights.
Probate is the process of legally establishing the validity of a Will in Surrogate’s Court. Where there is no Will, the process is called Administration and can be much more difficult because the Court does not have the guidance of a Last Will & Testament, where the decedent stated their wishes. Therefore, an Administrator must distribute the assets according to New York intestacy laws.
Basic Information You Need to Know
Executor or Administrator
Both of these terms refer to the person who is responsible for making payments of debts, paying taxes and distributing assets to beneficiaries. If your loved one passed away with a will, you may have been named executor. If there is no will, the Surrogate’s Court will assign an administrator (typically a close family member).
Taxes imposed on estates of individuals at the time of their passing. The New York State limit is currently one million dollars, meaning every estate in excess of one million dollars must pay a tax. The executor is responsible for paying the tax out of the proceeds of the estate. The tax must be paid within nine months of the date of death of the individual. Therefore, it is important to begin the work quickly.
Letter of Testamentary or Letter of Administration
Document provided by the Surrogates Court in the County where decedent lived. The document is a “certificate” which appoints an individual to be “executor” or “administrator” and allows that person to administer the estate, including conducting such functions as settling debts with creditors, paying estate taxes, selling assets and distributing an inheritance to the proper beneficiaries.
This is simply another term for real estate. If the deceased owned property in multiple states, you will need to go through the probate process in each of those states (extending the entire process to be in excess of a year).
The probate and estate administration process can be complex and time consuming. I will help you understand the issues you need to deal with and complete the process as quickly and cost-effectively as possible.
Contact a Long Island Probate Lawyer Today
Call 516-605-0625 or contact me online to schedule an appointment with an experienced LI, NY Probate Attorney. I am available to meet with you at your home or my office.