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What Are Letters Testamentary and Letters of Administration?
When a person passes away in New York state with assets that are solely in her name, a legal representative needs to be appointed to manage her estate. The Surrogate’s Court of the county where that person lived prior to their death appoints these representatives and grants them authority to act.
Once the fiduciary receives letters and is appointed executor or administrator by the surrogate’s court, the fiduciary may provide reimbursements.
While it is not required to hire a lawyer to represent the executor of an estate, it is often a good idea to seek representation.
Naming a child on your bank accounts can lead to numerous consequences, including potential costly estate litigation.
If you are considering challenging the probate of a last will and testament, there are several factors to consider.
Revocable Trusts have become increasingly popular estate planning tools to avoid probate. A trust allows for the orderly and private administration of your assets at death without court involvement.
Q: My grandparents on my mom’s side are leaving me their house in their will after they both pass away, will I be able to sell it right away?
When you’ve taken the crucial step of drafting a Will, it’s equally vital to prepare your chosen executor for what lies ahead. Informing them ahead of time ensures a smoother process during what can be a challenging period.
An Irrevocable Life Insurance Trust (“ILIT”) is a valuable estate planning tool used to reduce estate taxes – known as death taxes during an election year. Whether you need an ILIT depends on how much your assets are worth now or what your potential net worth is in the future.
Whether an executor needs to hire an attorney depends on the type of assets, size of the estate, family dynamics, estate tax considerations, and outstanding bills.
Most people do not realize that a Will likely does not control who collects on a life insurance policy. The beneficiary named on the policy supersedes the Will. So long as the policy owner correctly designated a beneficiary on the policy, that designation controls.
