When an individual passes away without having a valid will in place, they’re deemed by the law to have died interstate—which means that the administration and distribution of their estate will be done in accordance with the legislation. On the other hand, when you have a will, you can dictate the distribution of your estate and appoint an executor of choice who ensures your wishes are carried out. Who Administers Read More
Executor’s Commission: What It Is & How It Works
For many, taking up the role of an executor of state would be something honorable. The position is often assigned to a family member or friend of a deceased person who was close and trustworthy to the deceased person. That being the case, the role used to be entirely voluntary and was not something you got compensated for. After all, it was something you were doing for a loved one who had passed away. This, however, Read More
Debt and Probate: What You Need to Know
Most people have their legacies, properties, and assets on their minds when drafting their Testament and Last Will. But several other things must be considered and specified in an estate plan. For example, specifying what happens to your outstanding debts or those of a loved one after they pass away is crucial. If you owed a loan or debt in your lifetime, your family will be responsible for paying for it, depending Read More
An Overview of the Probate Process in New York
In New York, probate is necessary for assets solely owned by the deceased and haven’t been legally bequeathed to a designated beneficiary. This means that if the property owner passes away without a written will, the probate court will distribute the estate according to the state laws. However, if the property holder leaves behind a will that stands uncontested, the probate has a limited role to play. What Are Read More
How to Administer an Estate
In the period of time following the passing of a loved one, it can be difficult to know exactly how to proceed. This is especially true of following probate procedure and administering an estate, which can be a complex and lengthy task if there the decedent held many assets or claims are disputed. Administering the estate in the correct manner is essential to ensure the wishes of the will are met, state and federal Read More
