The importance of a comprehensive estate plan cannot be understated. When you pass, it is important to have a mechanism in place to allocate your assets according to your wishes. One of the facets of a will and estate planning is choosing a person to carry out your wishes. With so much effort spent on organizing your estate, the person you choose to administer your estate should be ready to take on this substantial task and responsibility. In addition, retaining legal support to guide your Executor through his or her significant obligation is very important. Whether you are thinking about developing an estate plan or need legal support for an Executor, our firm can help. Contact Zimmet Law Group, P.C. to discuss your legal matter.
Passing with a will (testate)
If you die with a will and chose an Executor, you are said to have died “testate.” Your Executor will offer the will for probate, which is a process in Surrogate’s Court to establish the validity of the will and provide authority to the Executor through the Letters of Administration. The Executor’s responsibilities are far-reaching and time-consuming. Some of the many things an Executor will need to do include:
- Collect & preserve assets
- Pay estate taxes and debts
- Allocate assets to beneficiaries
- Provide an accounting to the court
- Close the estate
The Executor cannot do this alone. He or she will need to coordinate with other attorneys, accountants, trustees, financial planners, banks, and even the beneficiaries themselves. With this in mind, it is best to have an estate administration attorney guiding them through the process.
Passing without a will (intestate)
If you were to pass without a will, your estate will be subject to the laws of New York, commonly known as intestate succession. The Administrator is the person responsible for taking many of the same actions of the Executor but following intestate succession. According to intestate succession, one’s entitlement to an estate depends on the relationship to the decedent. Family members that are entitled to a share of the estate are called distributees. The breakdown is as such:
- If only a spouse exists, he or she gets everything
- If only children exist, everything will be split evenly
- If both a spouse and children exist, the spouse gets the first $50,000 and half of the balance while the children split the rest
- If there are no children or spouse, but parents exist, the parents inherit everything
- If there are no children, spouse, or parents, surviving siblings inherit everything
Contact an estate administration attorney
Zimmet Law Group, P.C. is an experienced estate administration law firm located in New York City. Our firm believes that everyone’s interests are met when a comprehensive estate plan is in place. Whether you are thinking about starting the estate planning process or are a party with interests tied to an estate, it is important to discuss your situation with an attorney that can protect you. For a consultation with a Zimmet Law Group, P.C. attorney, contact our firm to discuss your legal matter today.
