Estate administration is the process of managing and distributing a deceased person’s assets when they pass away without a will, known as dying intestate. It involves the court appointing an administrator to settle the estate according to state laws.
When there is no will, the court appoints an administrator, usually a close family member, to manage the estate. The administrator’s role is similar to an executor in probate, but they must follow state intestacy laws for distributing assets.
The process involves filing a petition with the court to be appointed as the administrator, notifying heirs and creditors, inventorying and valuing assets, paying debts and taxes, and distributing the remaining assets according to New York’s intestacy laws.
Without a will, assets are distributed according to New York’s intestacy laws. This typically means that assets go to the closest relatives, such as a spouse, children, or parents, depending on who survives the deceased.
Challenges include determining legal heirs, managing potential disputes among family members, and dealing with unplanned assets. The absence of clear instructions from a will can complicate the process and lead to delays and higher costs.
The timeline for estate administration varies, but it generally takes longer than probate due to additional court involvement. It can take several months to over a year, depending on the size and complexity of the estate and any disputes that arise.
To avoid estate administration, you can create a comprehensive estate plan that includes a will and, if appropriate, a living trust. Designating beneficiaries for assets like retirement accounts and life insurance can also help assets bypass the administration process.
While not legally required, having an attorney is highly recommended. An experienced estate administration lawyer can help you navigate the complex legal process, ensure compliance with state laws, and resolve any disputes or challenges that may arise.
