Estate Administration in Melville, NY

New York’s Inheritance Laws

When someone passes away without a will, the property is distributed based on New York’s laws of intestacy. The surviving spouse is the first in line, followed by the children, parents, and siblings. The amount that each receives depends on the number of surviving heirs. For instance, if the deceased left behind a spouse but no children, the spouse would receive the full estate. However, if the deceased also had children, the spouse would receive the first $50,000 and the children (regardless of age) would split the remaining fifty percent with the spouse when settling the estate. Additionally, the spouse would be entitled to half of the remaining balance, the rest to the children.

If the deceased isn’t survived by a spouse, kids, parents, or siblings, the situation becomes more complicated. While the estate might go to surviving cousins, you may have to contend with kinship hearings while people try to prove they are rightful heirs.

This can be confusing and stressful, so consult with our Melville, NY, estate administration lawyer for legal guidance.

Financial Challenges When Administering An Estate

Legal issues often arise when tracking down and preserving the estate’s assets. For instance, you might discover that someone used a power of attorney to clean out the deceased’s bank account right before he or she passed away. If that happens, your Melville, NY, estate administration lawyer might recommend initiating Turn Over proceedings to recover the funds.

Additionally, creditors might make claims for money that the estate doesn’t owe. In this case, your attorney can gather evidence to show that the debt isn’t valid.

This is far from an inclusive list of potential legal challenges you face. Thus, reach out to an attorney for help so you can move through the process and distribute the property.

Assets That Skip Probate

Some assets are not subject to estate administration. Thus, you won’t be in charge of distributing such property. This includes the property inside a trust and assets with designated beneficiaries, such as life insurance policies. Also, you won’t have to administer certain joint tenancy or payable on death accounts. Finally, retirement accounts, including IRAs, do not have to go through probate. Consult with our Melville, NY, estate administration lawyer to learn more about what does and does not go through probate.

Do You Need A Bond?

In some instances, the estate’s fiduciary needs to obtain a bond while administering the estate. This protects the beneficiaries from financial mishaps and impropriety. Essentially, it ensures that the assets are preserved for the beneficiaries. Because a bond isn’t needed in all instances, it’s a good idea to consult with a Melville, NY, estate administration lawyer first. Your attorney can review the situation to see if you need to acquire a bond before moving forward. If not, your lawyer can help you preserve the assets and protect your interests during probate.