Legal Question in Wills and Trusts in New York

My Dad recently passed away and I am an only child. My parents divorced many years ago and my Dad never remarried. I was appointed by the surrogate's court to handle the estate. My Dad was disabled for the last 30 years so there aren't really any assets - only the money in his bank account (which included a little bit of money left from his inheritance from his mother's death which was just received in 2011) and two small life insurance policies. He did not have a vehicle or property and he lived with me the last 2 years of his life. He had a fair amount of credit card debt and a lot of medical bills, most of which we have not even received yet. I am opening an estate account today and just received the first of the two life insurance checks, made out to my name. Someone told me that the life insurance is not to be included in his assets and that I am only required to pay his debts up to the amount of his other assets (just his checking account balance) but I want to be sure. Also, my Dad did not file income taxes since he was disabled and didn't make enough but I am not sure if I am required to file for him this year since he inherited a (small) sum from the death of his mother. I can't imagine that I really need an attorney for this estate as there really isn't much of anything but everyone has been asking me who my attorney is. Do I really need one? Thanks for your time.


Asked on 2/28/12, 10:25 am

2 Answers from Attorneys
David Slater David P. Slater, Esq.

Life insurance, with a beneficiary other than the estate, is not part of the estate. An inheritance is not income and no return is required. However, the bank account , if solely in his name, will need a fiduciary appointed for transfer via a Small Estate proceeding. Contact your Surrogate Court Clerk.

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Answered on 2/28/12, 2:00 pm
Walter LeVine Walter D. LeVine, Esq.

I agree basically, but you might check the question "if Dad was the owner of the life insurance policy (A) if it can be considered an estate asset that a creditor can attack? and (B) if it should be included in his possible inheritance tax assetds?"

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Answered on 2/28/12, 8:39 pm


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