New York Trusts Legal Questions

I am not a New York attorney but here in California this would not be hard at all. In fact, I have already thought through some steps I will take after I win the mega-millions tonight!  :) The key is finding a highly experienced estate planning attorney at a well established firm. Privacy and professionalism are of the highest importance here! Good luck to you.... Read More

Her estate is entitled to continue to hold the mortgage. Obviously, you need to communicate with the Administrator or Executor of the estate to work out a plan to pay off the balance. Alternatively, you would be able to sell the property, pay off the mortgage and keep the remainder. Gerry Wendrovsky, Esq.- Upper West Side Lawyerwww.upperwestsidelawyer.com    ... Read More

Under NY laws of intestacy your deceased sister's share would be divided among her children. Depending on where the house is located, you may be able to have a title company insure title and you could have an attorney transfer the property using an affidavit of heirship.  Otherwise you would have to administer your brother's estate. There are some variable you did not mention (such as are your parents alive), and you should consult an attorney familiar with estate administration and real estate. ... Read More

Whether there is a step-up in basis depends on the type of trust and the terms of the trust.  If your parents reserved the right to use and enjoy the property during their lifetimes, then the house for tax purposes should be considered to pass upon death, be part of their taxable estate, and you would get the step-up.  That way the basis when you sell the house is considered the date of death value.  You need to have an attorney check the trust terms to make sure it was properly done. ... Read More

You need to register these bonds in the name of your Grandmother's estate.  You can do this through Treasury Direct.  An estate must be opened and a death certificate must be obtained for the treasury.  If you are the heir of her estate, you will receive the proceeds; if not, the legal heirs are entitled to the bonds... Read More

It sounds like she left the policy FIRST to her husband and THEN to your friend.....if this is this case the insurance proceeds belong to the husband's estate and since he died intestate, the proceeds will pass according to intestacy laws of your state....Husband may not have children, but may have living parents (doubtful) OR living siblings or nieces and/or nephews.....intestacy laws go up and down the chain.  IF the husband AND your FRIEND has ben named co-beneficiaries, the insurance company would have notified her upon the death of her sister and strictly split the proceeds.  As it stands, your friend will need an attorney to assist with possibly proving the HUSBAND has no heirs (if such is true) and that contractually via the insurance policy she should take the proceeds.  A preliminary matter to be addressed is did in fact Husband already take the proceeds since he did survive wife.  Good luck and I hope that helps.... Read More

It depends on the coop by-laws and on the board of directors.  Most coops require the stock to be in the name of the resident; some will allow other ownership; and we have had some that allowed the reservation of a life estate on the stock certificate.  What is the purpose of the transfer with a life estate? If it involves Medicaid, you should know the law has just changed in NY and there is expanded estate recovery that will include claims against property that passed by a transfer with a life estate. ... Read More

You can usually find the release forms from the County Surrogates Office that issued the Letters Testamentary, and where the Will was probated.  Many of the offices have document available on-line and can be downloaded.  Follow the signature requirements carefully, and make sure the beneficiary's signature is witnessed by a notary if required.  ... Read More