Estate Administration

NY Wills — Why you need one and the Role of an Executor

by Fred Abramson

A will is one of the basic doc­u­ments that you will need for your estate plan­ning. If you die with­out a will, New York State Intes­tacy laws will dic­tate the how your estate shall be dis­trib­uted in addi­tion to the method of mak­ing such a dis­tri­b­u­tion.   This can have dra­matic consequences.

A will allows you to make deci­sions on dis­trib­ut­ing your prop­erty fol­low­ing death. With a will you can:

  • Name your ben­e­fi­cia­ries, who will receive your property.
  • Appoint a per­sonal guardian to raise your minor children.
  • Estab­lish trusts, such as a child\‘s trust.
  • Name an Executor.

The Execu­tor

The Execu­tor is the per­son who you decide to admin­is­ter your estate and carry out the terms of the will. The Executor:

  • Decides whether your estate needs to do through probate.
  • Pro­bates the will if necessary.
  • For the year fol­low­ing death, takes care of all your property.
  • Dis­trib­utes all of your property.
  • Pays all taxes.
  • Is respon­si­ble for the account­ing of the estate.

Why a Will is Impor­tant for Estate Planning

Even if you decide to dis­trib­ute most of your estate through other vehi­cles, such estab­lish­ing a liv­ing trust, it is still impor­tant to have a will. Why?

  • If you acquire prop­erty shortly before death and fail to make changes to other por­tions of your estate plan, if you have will,  the ben­e­fi­ciary you choose will inherit the asset.
  • Name some­one to take care of your chil­dren under the age of 18.

You may need only a will if:

  • You own only a small amount of  property.
  • Your sole con­cern is to pro­vide for your minor children.
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NY Wills Why you need one and the Role of an Executor

New York Questionnaire for the Administration of an Estate

by Fred Abramson

Once a fam­ily mem­ber or friend dies, the admin­is­tra­tion process of the estate begins.  Here are some basic ques­tions that should be answered before going to your attorney\‘s office:

  1. Pro­vide the date of the will and check to see if there are any cod­i­cils to the will.
  2. What state was the will drafted?
  3. The names and addresses of execu­tors and trustees.
  4. Basic infor­ma­tion regard­ing the birth and death of the per­son who died.  The per­son who died is called the decedent.
  5. Pro­vide birth and death certificates.
  6. Review bur­ial and funeral instructions.
  7. Where did the dece­dent live?  For how long?
  8. Pro­vide a fam­ily tree of all fam­ily members.
  9. Pro­vide all addresses, tele­phone num­bers, social secu­rity num­bers, e-mail address for any­one who could pos­si­bly have an inter­est in the estate.
  10. Infor­ma­tion regard­ing the mar­riage, includ­ing date and place. If the deceased per­son was divorced, divorce papers and ex-spouse information.
  11. Any known prob­lems with the will?
  12. Fig­ure out if the fam­ily has any imme­di­ate needs.
  13. Any employ­ees? Find out their names and addresses.
  14. Does the deceased per­son have any trusts?
  15. The execu­tors should make a list of all assets of the deceased per­son. The key here is to think expan­sively to include as much doc­u­men­ta­tion as pos­si­ble.  Some impor­tant assets include bank accounts, stocks, life insur­ance, social secu­rity, safe-deposit boxes, per­sonal prop­erty, real estate.
  16. The execu­tors should also make a list of all lia­bil­i­ties.  This includes credit card debit, mort­gages, loans and bills.

Fol­low this link for more on how I can help you with your estate plan­ning  needs.

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