Probate Law: What You Cannot Do as an Executor in NY

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Estate Bank Accounts, Executor in NY, New York Probate Laws, Surrogate Courts in Queens & Brooklyn

Although the majority of New York estate lawyers guide clients through the administration and the probate process, there are instances where a lawyer has failed to make sure a client adhered to the legal procedures in place to decrease the risk of conflict.  Unfortunately, executors frequently put their fiduciary role at risk by not complying with basic procedures regardless of whether their intentions were to receive executor commissions, assist heirs to collect their inheritance or straightforwardly obtain their own share.  If you have been formally chosen by the New York probate Surrogate’s Court as an estate administrator or executor, it is important to know what you cannot do.

You Cannot Use the Estate Bank Account for Personal Use

The intention of an estate bank account is to keep all estate funds safe, eventually being allocated to the beneficiaries.  It is fairly alarming to learn that an executor will often exploit the estate bank account for personal use. The estate bank account is not intended to cover the personal expenses of the executor.  Paying bills and withdrawing cash from the estate bank account is not acceptable. Any funds held within the estate bank account can be used for estate-related expenses such as, mortgage payments, maintenance charges for a condo or co-op, settling creditor claims, upkeep expenses and the like.  Once the estate incidentals and inheritance has been consented by all beneficiaries, funds can be issued from the estate account. It is important to carefully take note of any estate expenditures, and keep any and all related paperwork safe.

You Cannot Use a Personal Bank Account for Estate Funds

There is no justifiable reason why estate funds should be kept anywhere but in an estate bank account.  Without a very good reason why an executor cannot open an estate account, it is one of the most important tasks for an executor.  Estate funds, such as profits from rent or selling real estate property, any settlement proceeds from a lawsuit, stocks or funds held by the deceased should be transferred or deposited to the estate account promptly.

You Cannot Get Rid of Estate Property

An estate is automatically established upon one’s death. While many belongings may appear worthless, whether they are personal or actual property, they should not be sold, given to charity, gifted or discarded as they belong to the estate.  The executor is not freed from his/her personal liability until all beneficiaries obtain their portion of the inheritance, any and all items must be kept in status quo. Removing an item from the estate, even if it appears to be worthless, can cause problems later on if not accounted for.  When real estate owned by the estate needs to be sold, the executor inventories all the items and can either provide the list to heirs in hopes the items will be claimed or alternatively they can be put in storage. If there is no will, or no beneficiary was not named than any unclaimed items can either be donated or sold.

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Don’t get left in the dark when it comes to the law in NYC. Whether you are an executor who requires support administrating an estate or if you are a victim of an executor’s misconduct in New York State, or if an estate has been opened up in the Bronx, Brooklyn, Long Island, Manhattan, Queens or Staten Island contact the Law Offices Of Roman Aminov 147-17 Union Turnpike, Flushing, NY 11367 (347) 766-2685 we are here to help.

Estate Law: Feel Like The Queens & Kings Of Your Castle

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estate law

Having several estates and property can be a tricky thing to manage without help. This becomes more difficult in the case of an unexpected death. It is important to get your affairs well-planned out and organized while you are still in a good condition to manage them and it will lessen the burden on your loved ones at the time of your passing. An estate planning lawyer can sort these assets out for you and defend the rights of your children, spouse, and other beneficiary members to your estate. It is important to choose an attorney you can trust who is a licensed practitioner in this field.

Wills and Trusts

A skilled attorney will ensure that you have a legally valid will. There are conditions for a will to be valid in court including signatures and witnesses and other laws that apply to particular states. Some individuals create wills without any legal consent and more often than not, they are easily contestable in court. This causes disputes among the heirs and costly legal battles. An estate lawyer can be consulted to make changes on the will while the executor is still alive and will defend its contents once the client has passed, making sure that the beneficiaries receive their intended assets.

Sanctioning Power of Attorney

There are ways to bestow power of attorney on an individual for different and specific reasons. This is a very tricky authorization which can be easily abused. An estate planning lawyer can help you with the technicalities in bestowing power of attorney and ensure that you are giving just the right amount of authorization for the intended case and not anymore than needed. They will advise you as well on what documents you should have ready in case of an emergency.

Retirement Plan

Estate planning lawyers work alongside your financial planners and other professionals to work out the best retirement plan for their clients. It is difficult to navigate through the government benefits you are entitled to among other things. They help you put these things in order and make sense of your finances and advise you on how to handle it to your best interest.

Organizing Your Estate

Elder attorneys work alongside you to organize how your estate will be handled upon your death. Your attorney should keep extra copies of your documents as well as be aware of where you keep your insurance papers, living will, and other legal documents. Whether you want to bestow your properties to your heirs, friends, pets, charities, or other persons, they will take care of it for you.

Your local estate lawyer will be accountable for handling your estate and will defend against anyone trying to challenge your case. Your lawyer will be your legal representative when you are gone. This will give you and your loved ones assurance that everything will be handled according to your will so that all those involved can rest easily knowing that they won’t be tangled in costly legal debates and more heartache for the loss of a loved one. A good lawyer will make sure your estate is handled carefully and distributed according to your wishes, giving everyone peace of mind.

Flushing, NY 11367, USA