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When someone dies, bereft family members are often overwhelmed. Unfortunately, there is little time to grieve before the family must deal with settling the deceased person’s estate. If the deceased person died without a will, their property must go through estate administration. This can be a complicated process involving detailed procedures and requires the help of an experienced probate attorney with knowledge of tax and estate law.
A Riverhead estate administration lawyer from Tully Law Group, PC, could help you when your loved one died without a will. They can help you manage and settle your loved one’s estate, preventing costly mistakes and unnecessary delays.
When someone dies, any assets they own solely in their name have no owner. Family members will not be able to access bank accounts and other assets unless the decedent:
Although many people name beneficiaries or take other steps to ensure their assets go directly to their family, many families are cut off from financial accounts, cannot legally register a vehicle the decedent owned, cannot collect their mail from a post office box, and experience other inconveniences. These issues are resolved by estate administration through the Surrogate’s Court. A Riverhead attorney could bring a petition to name an administrator for the decedent’s estate. New York Surrogate’s Court Procedure Act § 1001 describes who may serve as the estate administrator. Priority goes to a surviving spouse, then an adult child, grandchild, parent, or other relative.
The court must approve the administrator’s appointment and will issue Letters of Administration. This is a form letter that gives the administrator access to the decedent’s financial accounts, safe deposit box, post office box, and other property and gives them the authority to open a checking account in the name of the estate. It also entitles the administrator to settle the decedent’s debts and distribute their assets to their heirs.
The estate administrator must identify all the property the decedent owned. This includes real estate, interests in businesses, debts owed to the decedent, and potential legal claims. An experienced legal professional can help guide this estate administration process.
The administrator should close the decedent’s accounts and place the money in the estate’s checking account, along with the money they receive as repayment of debts owed to the decedent. The administrator must collect the decedent’s mail and notify creditors when bills arrive. The administrator must pay the bills from the estate’s checking account. Sometimes, the estate has insufficient cash to cover the decedent’s debts. In that case, the administrator must sell the decedent’s property to raise the necessary funds.
One of the most complex tasks the administrator must complete is filing a personal income tax return for the year the decedent died and filing a tax return for the estate. A Riverhead attorney with estate administration experience could assist in preparing these returns or oversee the work of the estate’s accountant.
When taxes and other debts are paid, the administrator distributes the property remaining in the estate to the heirs. Because the decedent did not leave a will, the law determines what each heir receives.
Closing the estate is usually done informally. The administrator might share the estate’s checkbook and other relevant documentation with the heirs. If the heirs have no questions or objections, they sign a Release, which the administrator submits to the probate court requesting to close the estate.
When there is a dispute among the heirs, an administrator or one of the heirs might ask a court to order a formal accounting. This can be a lengthy and costly process. In many cases, a skilled estates attorney in Riverhead can help an administrator resolve any disputes without going through the formal accounting process.
Administering an estate is a lot of work. If you get overwhelmed, you could make mistakes that lead to more expense and delays. It is wise to let a Riverhead estate administration lawyer from Tully Law Group, PC, handle this process to ensure that nothing is missed and avoid costly mistakes.
Planning for the future can help prevent disputes and keep families out of conflict. Call our firm today to schedule a free consultation with an experienced attorney.
