Legal Question in Wills and Trusts in New York
Mom died without will, now what?
My mom passed away a couple of weeks ago. We cannot find the will. My mom had a joint account with my sister which has a decent amount of money in it, and a substantial amount in stocks, IRA, settlements from my father's death, etc...She did not own any real estate. She had very little in credit card debt and had a car lease (all of this would be paid off the top)
My sister and I get a long great, so there are no legal issues or internal fighting issues...everything will be split 50-50.
1. What is the process to get things moving? Without a will do we have to go into probate? How does that pricess work?
2. Since my sisters name is on a joint bank account, can she touch that money and split it between us?
3.What tax implications do we need to worry about?
2 Answers from Attorneys
Re: Mom died without will, now what?
1. You must petition the Surrogate's Court to get "Letters of Administration." This is the version of probate where there is no will. Otherwise, the process is very similar to probate.
2. Yes, your sister can access the money from the joint account immediately, however...
3. There may be gift tax consequences if your sister gives you money from the joint account. There may also be estate tax due, depending on the size of your mom's estate. Lastly, there are certain elections you and you sister can make with regard to the IRA that may benefit you.
Please feel free to contact my office for a brief complimentary consultation.
Re: Mom died without will, now what?
To add to what Mr. Park stated, you need to search your mother's home for a will. You should also contact her attorney, if you know who it is, to see if he or she has the original (or a copy) of the will. When you petition for letters of administration, you will have to state that you conducted a diligent search for a will. You will also have to check the surrogate's court files to see if a will was filed with the court. Please do not hesitate to contact my office if you have any questions or wish to discuss your situation further.
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