Estate administration involves making important decisions about what happens to the assets of a loved one after their passing. Typically, someone is designated in a will to administer the estate; this person is sometimes called an executor, a personal representative...
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Estate Administration & Probate
What tax-related duties are required during administration?
Probate and estate administration are complex topics people may overlook until they encounter a sudden death in the family. When it happens, surviving family members can be too busy grieving the loss to sort out legal matters concerning the deceased's estate. When...
What is a fiduciary’s role in the administration of an estate?
When a person dies, they leave behind all their things, and the amalgamation of all their assets, liabilities and debt is their estate. An estate is not a living or thinking thing. It will not organically manage itself and transfer itself to your surviving next of...
What are the qualities of an estate executor?
Naming an executor is often part of drafting a will. If you have a person in mind, you can fill the role with little to no trouble. Still, there is no assurance that they can perform as an executor properly. Typically, an executor's responsibilities require immense...
How estate planning works for individuals with dual citizenship
Estate planning can be a complex endeavor for individuals with only one citizenship. There are numerous legal and financial considerations within their home country that they have to think about. However, for dual citizens, the complexity becomes a two-fold enigma....
What happens if I die with massive student loan debt?
Student loan debt has been in the news for years. And, for New Yorkers, we have some of the highest student loan debt burden in the country at nearly $40,000 per borrower, on average. When you are planning your estate, you likely wonder what will happen if you die...
When a foreign national dies and leaves behind assets in New York
New York is one of the most progressive and diverse states in the United States, giving people from all over the world career and educational opportunities. Foreign nationals set up bank accounts, invest in securities and even purchase real estate in New York, which...
When should someone contest a will?
A last will and testament should protect the interests of the heirs and beneficiaries of the testator. However, when the testator dies, they no longer have control of the estate administration process. They are not there to verify whether the estate administrator or...
How is an estate executor different from an administrator?
The estate of an individual comprises all their assets and liabilities. When a person creates a last will and testament, they appoint an executor to manage the estate and distribute it to the designated beneficiaries according to their explicit instructions. However,...
What happens if the estate is not enough to pay creditors?
Even after an estate owner dies, their debts and liabilities continue to exist. This is where probate and estate administration comes in. The state executor will pay the decedent’s liabilities before distributing the remaining assets to the heirs and beneficiaries....