Legal Question in Family Law in New York
letter of testimentary
hi, please help me. my father passed away 3 weeks ago unexpectadly. no will. he has a brokerage account for over 150k written under his name. i would like it to be transferred to my mom--name removed--name, i was told by the bank that i need a letter of testimentary, when i called the court they told me i need a letter of attestation and should devide the account in half and that i will need to pay taxes. my father had no other assets. is there a deadline to start the process also do i need a lawyer for it does it involve paperwork or knowing the proper law, are there any taxes ?thanks
2 Answers from Attorneys
Re: letter of testimentary
You need to commence an "Administration Proceeding" in Surrogate's Court. While you do not need a lawyer, I would recommend that you do retain one. An attorney can help you with all of the issues that may arise in the resolution of this matter.
If you decide that you need an attorney, please feel free to contact me--I have an office in Brookyln.
Re: letter of testimentary
My condolences on your loss.
You should have little problem resolving this matter to conform with your wish that your mother receive all of the assets. (It is refreshing to hear from someone who wants what is right for someone else!)
An 'administrative process' will do the job for you. While it is not required, it is always best to get a lawyer to assist you. This matter would not be expoensive. My fee would be 500 dollars, and that would include resolving the taxes.
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