When a parent dies without a Will and leaves behind money (example $10,000) in a sole checking account, a proceeding would be governed by the small estate process. Not all estates require a full probate or an administration proceeding. If the deceased passed away after January 1, 2009 and has $30,000 or less in personal property, they are entitled to a voluntary administration proceeding, which is a simplified Surrogate’s Court procedure.
The small estates procedure cannot be used if the individual who passed away owned real property when he or she died. The process can be utilized if the deceased died with or without a Will or if they conveyed their property into a trust. To start the small estates process, an Affidavit of Voluntary Administration must be filed. By filing the Affidavit of Voluntary Administration, a person is asking to be appointed as a voluntary administrator of the estate.
This individual may be nominated in the deceased’s Last Will and Testament, if one was created, or, if a Will is not available, the deceased’s closest living relative would be chosen. The individual who files the Affidavit is asking the court to allow them to collect the deceased’s assets, pay any debts, and distribute their personal property to those who have a legal right to inherit them, either in accordance with a Last Will and Testament or under the laws of intestacy if the individual died without a Will.
A Voluntary Administration proceeding is less complex than a full probate of the Will or an administration proceeding. In a Voluntary Administration proceeding, consent does not have to be given by the beneficiaries of the deceased’s estate. This helps to avoid Last Will and Testament contest, which can be a long and expensive process. Additionally, a Voluntary Administration proceeding helps to avoid litigation over the appointment of a fiduciary in a full probate or administration proceeding.
Even though a Voluntary Administration proceeding may be less complex than a full probate or administration proceeding, it is important to consult an experienced attorney to assist you in the process. The experienced attorneys at Hobson-Williams, P.C. are available to assist you with any concerns relating to Elder Law, Trusts and Estates. For more information or to schedule a consultation, contact our knowledgeable New York Elder Law attorneys at (718) 210-4744.
Perhaps the most surprising fact reported following the death of musician Prince Rogers Nelson was that the celebrity died without a Last Will and Testament. As mentioned in a previous blog article, Prince’s sister Tyka Nelson filed an Emergency Petition in a Minnesota court seeking the appointment of a Special Administrator. The circumstances surrounding the celebrity’s death is not uncommon, as 55 percent of Americans do not have a will or an estate plan in place, according to LexisNexis.
Wills are an important part of estate planning to consider, even for young people. They protect the succession of assets and ensure that the intended beneficiaries are able to access those assets, according to the deceased’s wishes. To accurately reflect the wishes of an individual, a Will should be reviewed and re-drafted every decade or so or when personal circumstances change.
Some of the factors that may affect an individual’s decision to draft a Will may include a person’s medical condition and family medical history; participation in the armed forces; level of involvement in dangerous recreational activities such as alcohol and drug consumption; health and fitness habits; and desire for financial independence.
When it comes time to draft a Will, a person should list his or her assets and desired beneficiaries. It is just as important to include digital assets, such as access to photos/videos, documents and other files, passwords and sensitive accounts (such as a savings account), as it is to consider physical ones. When drafting a Will, it is important to take into consideration extenuating circumstances, such as the unexpected death of a beneficiary. An individual may name a contingent beneficiary if his or her primary beneficiary or beneficiaries predeceases him or her.
Without a Will, the fate of a person’s estate, stocks, savings and other holdings could be decided by the state. Without a Last Will and Testament to provide clear guidance for the division of estate and assets, a deceased’s loved ones may encounter stress and be forced to endure costly legal battles to settle the estate following the loss of their loved one.
When considering drafting a Last Will and Testament, it is important to contact an experienced estate lawyer who can guide you through the process and help you make informed decisions that affect both you and your loved ones. If you or a loved one needs a Last Will and Testament or other Advance Directives, contact the experienced attorneys at Hobson-Williams, P.C. at (718) 210-4744 to ensure that your property passes to those you choose and not according to the laws of intestacy.
As many individuals begin to plan for their future and the future of their estate, they are shocked by how many options there are. Many people are familiar with the term “will” and its significance, but too often individuals are also unfamiliar with any other estate planning instruments.
If you have started the process of looking into protecting your assets, an estate planning attorney may have recommended that you create a revocable living trust as the key document in your estate plan, rather than a will. A revocable living trust, if done correctly, will allow your estate to bypass the probate process, as well as keep your information private. Wills become a part of the public record after your death, whereas trusts do not. Continue reading “Pour Over Wills”