QUESTION
I need assistance regarding a sudden death in the family and their financial estate.
Asked on Jan 07th, 2021 on Wills and Probate - New York
More details to this question:
My cousin's mom died very quickly because of COVID and the family is now going through her finances. She has a bank account with funds, but is the sole owner. No apparent authorized user or beneficiary. She doesn't have a will. We would like to know what steps can be taken for the family to obtain the funds in the account or any other accounts she has. The husband lost his job because of the pandemic and she was the only one working.
1 ANSWER
Estate Administration Attorney serving New York, NY
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Damien Bosco, P.C.
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When someone dies without a Will, the property of the decedent passes through the intestacy laws. This generally means that the spouse initially gets a certain amount of money and then splits the rest of the assets with the children of the decedent. An heir has to open an estate proceeding.
In a situation where there are bank accounts or other assets solely in the name of the decedent without a designated beneficiary, an heir would petition the court to become the administrator of the estate. A spouse would have priority to petition the court and if the spouse is unable, unwilling to do so, one of the adult children could do so.
The Surrogate's Court clerk in the county where the decedent resided could have the forms or possibly the forms would be on the court's website. Also, of course, an attorney could represent the petitioner in the proceeding.
Answered on Jan 07th, 2021 at 7:21 AM