Legal Question in Wills and Trusts in New York
My mother in law passed without a will but all her bank accounts have the POD or In Trust of her sons & daughter respectively. Does this consider as her intention of distributing her assets or does this needs to go to court? She also had a small studio in her name only, how does this should be handled? Please advise. Thanks
2 Answers from Attorneys
Traditionally POD and "in trust for" accounts pass by operation of law, even if there is a Will, unless is can be proven this was done for "accomodation" only (difficult to prove). The sudio is a probate asset and requires that some family member be appointed Administrator of her estate by the Surrogate and then the studio be treated and administered as a normal estate asset..
The bank accounts do not have to go to court unless someone is challenging them.
The studio does.
You/someone needs to file a petition in Surrogate court to be appointed Administrator of the Estate and then sell the studio and distribute the proceeds according to NY law.
If she had debts they will have to be paid from the proceeds before distribution.
If you can not afford an attorney up front, an attorney may be willing to wait to be paid until the studio is sold.
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