Sometimes, when an estate is small and straightforward, executors can charge a fee for their services. As part of the process of making a will, you must designate a person or entity to be responsible for managing your estate once you die. This person is known as the executor of the estate. If you don't leave a will, the New York Surrogate Court will appoint an estate manager to perform the role of executor.
After your death, your estate must go through an administration process that begins with the filing of your will (if any) with the court. The Surrogacy Court will review the will to make sure it is valid. The executor will manage your estate and ultimately distribute your assets to the beneficiaries you named in your will according to the terms of your will. The process of managing an estate can be complicated, slow and lengthy, and involves inventorying the assets of the estate, paying estate bills, and dealing with litigation and other complications that develop during the management process. Under New York Estates, Powers & Enforcers of the Trust Act, executors are entitled to be paid a reasonable fee for their services.
For more information about executor fees, contact an experienced New York executor fee attorney at the Law Offices of Stephen Bilkis & Associates. An experienced New York executor fee attorney can explain that the rules for corporate executors are a little different and may be based on the fees mentioned in the will. That charge can be a specific amount or percentage set out in the will, or it can refer to the corporation's published fee schedule. A final way to avoid succession is to keep any property you own together with your spouse or partner. Smaller probates may have the option of small estate administration, which is similar to probate but does not require court oversight at every step of the process, making it faster.
The fee paid in an auxiliary probate or probate proceeding includes all charges except if the estate is challenged; then fees required to file objections, demand for jury trial, or for filing an issuance note must be paid. Typically, the executor advances payments on behalf of the estate for service costs, filing fees, and other necessary expenses and then reimburses them once the estate is liquidated. In addition, if you intend to sell a residence associated with an inheritance, you must know what documents are required to sell a home in succession. Because probate attorney fees in New York vary greatly, it is difficult to give an exact number regarding cost. Unless you're a lawyer, navigating probate in New York can be confusing; therefore it's important to seek legal advice or hire an attorney to handle the process. Working with a buyer like Leave The Key Homebuyers who understands this unique situation can make a big difference. Such petitions may include common probate procedures such as filing wills and suspending trustees.
Succession is the process of proving the validity of a deceased's Last Will in Surrogacy Court. Having joint ownership allows property to automatically pass to your partner without going through probate regardless of marital status. Real estate, vehicles, bank accounts and any other property that has a title document can be held in conjunction with survivor rights and may not need to be proven; for example when a landlord dies title automatically passes to the remaining living owner. Under Section 2307 of the Proceedings of the Surrogate Court of New York, executor's fees are based on the value of the testamentated estate.