New York City is known for many things, and if you are dealing with a loved one’s estate, you may wonder if estate administration is yet another quirk. Estate administration, the intricate process of managing and distributing assets posthumously, unfolds differently across jurisdictions.
Estate administration
In NYC, estate administration begins promptly after death, irrespective of prior estate planning. When a decedent leaves no will, the court appoints an “administrator” based on kinship ties. In the absence of a will, New York law (intestate law) dictates the sequence of property inheritance, delineating specific shares for surviving spouses and issue, regardless of the wishes of the deceased or the family left behind.
Surrogate’s Court
This process is started by the administration filing in the Surrogate’s Court. This probate process that is controlled by the administrator collects and disburses the decedent’s assets.
Comparative analysis
Comparing estate administration in NYC and New York State with other jurisdictions unveils no nuances. If you are charged with administering an estate in any county within New York State, your duties are the same. The only difference will be the Surrogate’s Court that you file in.
Most important duties
As the administrator, you have a fiduciary duty to the estate and the beneficiaries. You are responsible for the complex probate process. This means you must manage the estate, its assets, ensure nothing is taken that is not supposed to be taken and ensure that nothing loses value due to your own neglect or negligence.
Conclusion
Estate administration is complicated, but it can be made much simpler through a well-executed estate plan. Though, administrators can rest assured that administrating the estate in NYC does not bring with it any new quirks than any other city.