Basic Probate Information You Need to Know.
What is an Executor or Administrator?
In short, they both mean the person responsible for making sure the estate affairs are conducted in accordance with the decedent's wishes. They are responsible for paying debts, taxes and distributing the assets to the beneficiaries. If your loved one died with a will, you might have been named the executor, but If there is no will, The County Surrogate’s Court where the deceased lived will assign an administrator, usually a family member or close friend.
Estate taxes are imposed on the estates of individuals at the time of their passing. In New York State, the tax is currently limited to one million dollars. This means every estate with more than one million dollars in assets must pay a tax. The executor or administrator is responsible for making sure the tax is paid. Don't worry; this comes out of the proceeds from the sale of the estate assets. Be aware; the estate must pay the tax within nine months from the date of death. This is where a skilled Long Island real probate real estate brokerage can assist you. It is vital to begin work quickly, and we at Local Realty have service providers and Attorneys to save you and the beneficiaries time and money.
What is a Letter of Testamentary or Letter of Administration?
These are the documents provided by the Surrogate's Court where the decedent lived. The document is a legally binding form or a “certificate” that gives legal authority through appointment to an individual to be the Executor or Administrator. This allows the named person to conduct business on behalf of the estate. This includes things such as paying estate taxes, selling assets, settling debts, paying creditors, and distributing assets to the proper beneficiaries.
What is Real Property?
Real property is another term for real estate. When a decedent is the owner of property in multiple states, the probate process must be conducted in each state, which can become a lengthy, arduous process.
We highly suggest a confidential consultation to get you started. Local Realty is a Long Island service provider to help the probate and administration process go smoother. As a professional probate real estate brokerage, we have the experience and understanding to help you complete the probate process in a timely manner.
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