Legal Question in Wills and Trusts in New York
Estate Administrators & when they are necessary
Whose estate: My father, who died in the 1980's
Amount of estate: Mid 5 figures.
Why the delay: Found on NYS Comptrollers website. Total surprise! The money represents bank accounts turned over to Albany.
Heirs: Me, one living sibling, one deceased sibling's spouse and kids.
Lawyer's advice: Become administrator and distribute funds
Judge's mandate: Deceased sib needs an administrator too. Yet more court fees, legal fees, bleahh.
My question: Why? As administrator of my parent's estate, why is it not possible for me to simply turn his share over to his widow?
Judge's mandate #2: Buy a bond against liens in the amount of this estate 20 years old, when liens aren't likely. Parents owned no property, never took out loans, were never sued. They were quiet, save-a-penny people who didn't own much and never travelled.
Thx.
2 Answers from Attorneys
Re: Estate Administrators & when they are necessary
The judge is asking you to do the normal things required of an administrator. However, this is not a standard case. The debts (possible debts) are not collectable because of the statute of limitations. The bond, therefore, only protects the widow.
What you can do is point this out to the judge by Order to Show Cause. On the other hand, the bond will not be expensive.
You can also have the widow waive the bond requirement and the requirement for another administrator.
Re: Estate Administrators & when they are necessary
Administrator needed to collect the assets. Administrator steps into the shoes of the decedent.
Bond is for faithful performance of the duties assumed by the Administrator.
Just finished a similar case where substantial assets were found in the possession of the Comptroller; the decedent died in 1983 with no children.
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