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Asset Protection, Trusts and Wills

OUR GOAL—YOUR Complete Satisfaction and Understanding
Our goal is to provide each of our clients with as much information as possible about Asset Protection, Trusts and Wills. As you will see as you review the following material, there is a lot of information to digest and consider. Many legal aspects may be complex and confusing. We want you to know we are available to speak with you about any legal aspects of Asset Protection, Trusts and Wills at your convenience either over the telephone or in person at the Spiegel and Utrera, P.A., office nearest you. What do some of these terms mean? Click here for a Glossary. For answers to Frequently Asked Questions (FAQs) about Asset Protection, Trusts and Wills. Click here for FAQs.

New York Summary Estate Administration

Most states have enacted laws for the expedited probate administration of small estates in order to enable heirs to obtain property of the deceased provided certain requirements are met. As a result, small estates may be summarily administered with less time and cost. If the deceased had conveyed most property to a trust but there remains some property, small estate laws may also be available.

New York law allows a voluntary administrator to settle the estate of a deceased without the formality of court administration. This procedure is initiated by affidavit and may be done if there is a small where the deceased leaves personal property having a gross value of $20,000 or less exclusive of property required to be set off. There is a priority of individuals who may be a voluntary administrator. It is required that the voluntary administrator be a surviving adult spouse, an adult child or grandchild, a parent, brother or sister, niece or nephew or aunt or uncle of the deceased, or a guardian of the property of an infant heir of the deceased’s estate, the committee of the property of any incompetent person or the conservator (agent) of person who is incompetent and who is an heir of the estate, or the chief fiscal officer of the county or a public administrator where one has been appointed in the county of the deceased.

If the deceased dies testate (with a will), the named executor or alternate executor shall have priority to act as voluntary administrator, upon filing the Last Will & Testament with the appropriate court, or if the named executor or alternate executor revokes such authority to act as voluntary administrator, then any adult person who is a sole or residual beneficiary, or a person interested in the estate or their fiduciary may file the required affidavit and have the right to act as voluntary administrator.

Furthermore, New York law allows the payment of certain debts without probate administration when there is no administrator, executor or fiduciary qualified to administer the estate of the deceased. For payment of such debts out of the estate, there must be a surviving spouse of the deceased and 30 days have not passed since the date of death of the deceased and the debts owed by debtors of the deceased do not exceed $30,000, or there is a surviving spouse of the deceased, or an adult child, mother, father, sister, brother, niece, nephew of the deceased, and 30 days have passed since the date of death of the deceased and the debts owed by debtors of the deceased do not exceed $15,000, or a creditor that paid or incurred the funeral expenses of the deceased from their own funds, at the request of the surviving spouse, and 30 days have passed since the date of death of the deceased but the creditor has not been paid in full and the amount owed does not exceed $15,000, or a creditor that paid or incurred the funeral expenses of the deceased from their own funds, but not at the request of the surviving spouse or blood relative, and 6 months have passed since the date of death of the deceased but the creditor has not been paid in full and the amount owed does not exceed $5,000.

Spiegel & Utrera, P.A. stands ready to help you during the administration of your loved one’s estate.

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