Hablamos Español free phone consultations
Joseph A. Ledwidge, P.C.
347-395-4799
View Our Practice Areas

March 2015 Archives

New York estate administration

If your loved one died without leaving a will, his or her estate will have to go through a process called estate administration. Estate administration is the vehicle by which your loved one's financial and legal matters will be settled and his or her assets passed to his or her heirs.

How a life insurance policy might end up in probate

As New York residents may know, having a life insurance policy as part of the owner's estate may have an effect on both taxes and probate. The manner in which the owner sets up the policy might have unintentional consequences when the time comes for the proceeds to be disbursed. While a married individual may assume that the proceeds from an insurance policy goes to the spouse, it is still a good idea to not only name the spouse on the policy as a beneficiary, but to also name an alternate beneficiary in the event something should happen to both married partners around the same time.

The probate process in New York

After an individual passes on, his or her estate must go through the probate process. While some believe that going through probate is a long and stressful process, it tends to be quick and relatively easy. During this process, assets inside of an estate are inventoried and accounted for. Although it is possible to place assets outside of an estate to avoid probate, there is often little or no reason to do so.

Understanding the responsibilities of administrating an estate

Agreeing to be the administrator for the estate of a loved one in New York may seem simple, but there are numerous responsibilities involved. An administrator's job typically begins upon the death of the individual to whom the estate belonged, meaning that this could be an emotional process. Additionally, there are many steps involved in handling the remaining assets of that individual.