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.
When two people get married, some estate planning actions should be taken as soon as possible. For instance, it may be worthwhile to put sizable assets into a trust and to ensure that the assets in the trust are properly titled. If the assets are not properly titled, they may have to go through the probate process.
Some New York residents may wonder what happens when a relative dies without a will. If the decedent leaves more than $30,000 in assets, the estate goes through administration, which is similar to probate. The difference is that probate occurs when the decedent leaves a will directing the distribution of assets. Administration occurs when a person dies intestate, or without a will, and the distribution is made in accordance with the state law of intestacy.
Estate planning is a very important part of financial and retirement planning in the U.S. Americans seem to understand the importance of estate planning, with 90 percent of adults saying that estate planning is very important, according to a BMO Management survey.