Wills Rules 8

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Author:
woof686
ID:
27058
Filename:
Wills Rules 8
Updated:
2010-07-16 17:46:22
Tags:
Probate Administration
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Description:
Probate and Administration
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  1. Procedure
    In NY, fiduciary appointed administer of estate upon filing of verified petition with decedent's domiciled county.

    Notice given to interested parties before administrator officially appointed.

    Small estate administration: accompany petition with will and affidavit swearing will to be valid. Limited to where decedent's property is <$20,000, aside from family allowances and set-asides. Real property not included in valuation.

    Fomral probate: Notice given to interested parties. Any interested party can demand formal probate where administer has initiated small estate.
  2. Will contests
    Standing: only directly interested parties who stand to benefit financially may contest will. Creditors of benes, spouses of benes under prior wills, pretermitted heirs, lawyers cannot contest.

    No-contest clauses: not triggered where contest based on forgery action, claim of subsequent revocation of will; where the contest is filed on behalf of infant or incompetent; or where there is an objection to court's jurisdiction.
  3. Personal representative
    Priority: surviving spouse, children of decedent, decedent's grandchildren, decedent's parents, siblings, any distributee under the will.

    Qualifications: 18 years of age, competent, domiciled in or resident of NY, and not convicted of felony or crime of moral termitude.

    Duties: inventory, manage, receive and pay claims, distribute

    Fiduciary duty: loyalty and care to the estate.

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