Probate Administration
Probate Administration is the court process involved in administering the financial affairs of a deceased individual (otherwise known as “Decedent”). The goal of probate administration is to ultimately transfer assets from the Decedent to the name of the Decedent’s spouse and/or heirs pursuant to the terms of the Decedent’s Will or living trust.
If the Decedent did not leave a Will or trust, the assets will be distributed according to the New York State Intestacy statutes. In other words, if the Decedent did not leave a Will, the state will essentially have a Will written for him/her. This is one of the many reasons why individuals should consider preparing an Estate Plan for themselves.
It is designed to be an orderly process whereby an executor named in the deceased person’s Will or a family member or friend of the deceased person is appointed as the representative of the estate to orderly administer all financial matters.
If the Decedent died with assets in excess of $100,000 held solely in Decedent’s name (and not held jointly or in Trust), then the Estate may need to be probated to transfer the assets to the heirs. Before transferring the assets under probate, the Decedent’s debts need to be paid according to a statutory priority. Accordingly, appropriate notices need to be provided to the heirs, legatees and creditors regarding the passing of the Decedent.
The Michelson Law Office will assist the Executor or Administrator in charge of the Decedent’s Estate through these various matters. It is important for an Executor or Administrator to have proper legal counsel throughout the probate administration process. Any missteps or failure to follow the law may lead to imposition of personal liability on the Executor or Administrator.
If your family member, relative or spouse recently passed away, consider the following questions and contact Michelson Law Offices for assistance:
1) Did the Decedent die owning any assets solely in his/her name?
2) If yes, then prepare a list of the type of asset, approximate value of asset and any documentation or statements reflecting the current value of said asset.
3) Did the Decedent leave a Will or Revocable Living Trust?
4) If you are not sure, consider talking to Decedent’s family members, accountant, attorney, financial advisor or other professional that was involved closely with Decedent’s financial affairs.
5) Often times, individuals leave Wills, Trusts and other important documents in a safe deposit box at a financial institution
or a fire safe located inside the house. Consider trying to obtain access to these locations.
6) Consider contacting any individual that was named as an Agent under the Decedent’s Power of Attorney to check whether they were aware of Decedent having prepared a Will or Trust.
Trust Administration
If you have been nominated as the Trustee under a Decedent’s Trust or Testamentary Will, you will be faced with a number of important and time sensitive legal and tax decisions. The Michelson Law Office can assist you through the process in the event you decide to honor the Decedent or Grantor’s wishes and accept your appointment as Trustee.
A thorough review of the Trust is essential to ensure that your job as the Trustee is being properly executed. It is also your responsibility to ensure that a full inventory of the Decedent’s assets are obtained through a comprehensive review of the Decedent’s financial affairs and discussion with the Decedent’s family members.
As Trustee, you become responsible, among other things, for preparing and transmitting periodic accountings for the benefit of the beneficiaries of the Trust. New York’s trust code has many requirements when it comes to properly managing a trust and acting as a fiduciary. These requirements are highly technical and unforgiving if not properly met. The following are some of the tasks you can expect to take on as the Trustee:
1) Prepare an Inventory of all assets owned or titled in the name of the Trust.
2) Determine if there are any other assets that belong to the decedent that need to be brought into
the Trust via probate proceeding.
3) Determine who the current beneficiaries are of the Trust.
4) Determine who the contingent beneficiaries are in the event the current beneficiaries no longer exist.
5) Determine the tax liability for the Trust and file appropriate income tax returns for the Trust and estate, as necessary
6) Determine investment decisions for the assets of the estate.
7) If the Trust involves minor children, then come up with a distribution scheme along with the Guardian to ensure that the funds are spent for the stated purpose for the benefit of the minor beneficiaries.
8) Depending on the terms of the Trust, Trustees may be entitled to reasonable compensation for the tasks performed – However, Trustees should keep a detailed log of their time spent and tasks completed in case there are any questions from the beneficiaries or creditors of the trust estate. Many more tasks depending on the assets in the trust estate and age and status of the beneficiaries.
Attorney Abraham Michelson will assist the Trustee through these various matters. It is important for the Trustee to have proper legal counsel throughout the trust administration process. Any missteps or failure to follow the law may lead to imposition of personal liability on the Trustee.
Probate Administration is the court process involved in administering the financial affairs of a deceased individual (otherwise known as “Decedent”). The goal of probate administration is to ultimately transfer assets from the Decedent to the name of the Decedent’s spouse and/or heirs pursuant to the terms of the Decedent’s Will or living trust.
If the Decedent did not leave a Will or trust, the assets will be distributed according to the New York State Intestacy statutes. In other words, if the Decedent did not leave a Will, the state will essentially have a Will written for him/her. This is one of the many reasons why individuals should consider preparing an Estate Plan for themselves.
It is designed to be an orderly process whereby an executor named in the deceased person’s Will or a family member or friend of the deceased person is appointed as the representative of the estate to orderly administer all financial matters.
If the Decedent died with assets in excess of $100,000 held solely in Decedent’s name (and not held jointly or in Trust), then the Estate may need to be probated to transfer the assets to the heirs. Before transferring the assets under probate, the Decedent’s debts need to be paid according to a statutory priority. Accordingly, appropriate notices need to be provided to the heirs, legatees and creditors regarding the passing of the Decedent.
The Michelson Law Office will assist the Executor or Administrator in charge of the Decedent’s Estate through these various matters. It is important for an Executor or Administrator to have proper legal counsel throughout the probate administration process. Any missteps or failure to follow the law may lead to imposition of personal liability on the Executor or Administrator.
If your family member, relative or spouse recently passed away, consider the following questions and contact Michelson Law Offices for assistance:
1) Did the Decedent die owning any assets solely in his/her name?
2) If yes, then prepare a list of the type of asset, approximate value of asset and any documentation or statements reflecting the current value of said asset.
3) Did the Decedent leave a Will or Revocable Living Trust?
4) If you are not sure, consider talking to Decedent’s family members, accountant, attorney, financial advisor or other professional that was involved closely with Decedent’s financial affairs.
5) Often times, individuals leave Wills, Trusts and other important documents in a safe deposit box at a financial institution
or a fire safe located inside the house. Consider trying to obtain access to these locations.
6) Consider contacting any individual that was named as an Agent under the Decedent’s Power of Attorney to check whether they were aware of Decedent having prepared a Will or Trust.
Trust Administration
If you have been nominated as the Trustee under a Decedent’s Trust or Testamentary Will, you will be faced with a number of important and time sensitive legal and tax decisions. The Michelson Law Office can assist you through the process in the event you decide to honor the Decedent or Grantor’s wishes and accept your appointment as Trustee.
A thorough review of the Trust is essential to ensure that your job as the Trustee is being properly executed. It is also your responsibility to ensure that a full inventory of the Decedent’s assets are obtained through a comprehensive review of the Decedent’s financial affairs and discussion with the Decedent’s family members.
As Trustee, you become responsible, among other things, for preparing and transmitting periodic accountings for the benefit of the beneficiaries of the Trust. New York’s trust code has many requirements when it comes to properly managing a trust and acting as a fiduciary. These requirements are highly technical and unforgiving if not properly met. The following are some of the tasks you can expect to take on as the Trustee:
1) Prepare an Inventory of all assets owned or titled in the name of the Trust.
2) Determine if there are any other assets that belong to the decedent that need to be brought into
the Trust via probate proceeding.
3) Determine who the current beneficiaries are of the Trust.
4) Determine who the contingent beneficiaries are in the event the current beneficiaries no longer exist.
5) Determine the tax liability for the Trust and file appropriate income tax returns for the Trust and estate, as necessary
6) Determine investment decisions for the assets of the estate.
7) If the Trust involves minor children, then come up with a distribution scheme along with the Guardian to ensure that the funds are spent for the stated purpose for the benefit of the minor beneficiaries.
8) Depending on the terms of the Trust, Trustees may be entitled to reasonable compensation for the tasks performed – However, Trustees should keep a detailed log of their time spent and tasks completed in case there are any questions from the beneficiaries or creditors of the trust estate. Many more tasks depending on the assets in the trust estate and age and status of the beneficiaries.
Attorney Abraham Michelson will assist the Trustee through these various matters. It is important for the Trustee to have proper legal counsel throughout the trust administration process. Any missteps or failure to follow the law may lead to imposition of personal liability on the Trustee.
Get Your Free Consultation
If you are struggling for answers, the attorneys at The Michelson Law Office are here to help you. During our free initial consultation meeting, we can help you compare options and determine the best possible outcome.
The Michelson Law Offices
New York Offices
Phone No. 646-585-8100
Phone No. 646-585-8100
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Brooklyn
175 Pearl Street Dumbo 1st, 2nd and 3rd Floor Dumbo, NY 11201 |
Manhattan
14 Wall Street 20th Floor New York, NY 10005 |
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