Page 34 - Thomas F. Dalton Funeral Homes

A list of assets including:
1. Real Estate
2. Bank and Brokerage Accounts 3. Vehicles
4. Retirement Accounts
5. Annuities
6. Insurance Policies
7. Valuable Collections
The above documents and information will assist your attorney in drafting the probate or administration petition for your loved one’s estate. It is important to note that the IRS form 706 - the estate tax return - must be led within nine months of the death of the descendant (or within six months extension if one is timely applied for)
The probate administration processes are form al judicial proceedings which take place in the descendant’s county‘s Surrogate Court. If you are the nominated executor, or a person eligible to serve as administrator, you should consult with your attorney and provide the information and documents listed above. Your attorney will prepare the petition for probate or administration. Filing fees are paid on a sliding scale depending on the size of the estate.
Under New York State law, certain people are entitled to notice of the probate or administration of the estate - namely the bene ciaries, duciaries, and “heirs at law” of the decadent. The probate or administration process will be substantial simpli ed if these individuals consent to the relief requested in the probate or administration petition, and waive the issuance of formal process. This will be the case where there are no objections to the appointment of the name duciary or applicant, and there are no objections to the disposition of assets provided for in the will. If the persons entitled to notice do not consent to the relief requested in
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the petition and waive the issuance of formal process the the Court will issue a “citation” to appear in Court on a certain day, and each non-consenting person must be formally served in accordance with New York State law.
Presuming the administration or probate petition is accepted, the executor or administrator will receive their letters testamentary from the Surrogates Court. Original certi cates will be required for a variety of purposes, and so we advise our clients to obtain several extra copies. The executor will need these certi cates in order to transfer title to any assets (i.e funds in a bank account, sell real estate) and to open the estate account.
TIP : If you are the duciary of a loved one‘s estate, check the of ce of unclaimed funds via the New York State Comptroller‘s website to see whether the decadent is entitled to any “unclaimed funds”.
Once the executor or administrator has located and gathered all of the assets of the descendant, they will manage the funds in a prudent manner, pay off the descendant’s debts and distribute the funds as per the terms of the descend- ant’s will, or else as per the laws of intesta- cy of the State of New York.
For purposes of brevity, we have substantially simpli ed the description of the probate or administration process. The proceedings can be lengthy, and may involve hard-fought litigation, especially in the case of distant heirs or family dis- putes. There are many more subtle nuanc- es to each situation, and so it is advisa- ble to meet with an experienced attorney to discuss the best way to proceed, and to guide you in your decision making pro- cess.