Legal Question in Wills and Trusts in New York
Probate on My Mother's Coop Apt.
My mother passed away on June 11, 2006. Her estate is very straightforward however the only asset she didn't transfer out of her name alone was her cooperative apt which must be probated. It is stated in her will that it is 50-50 to me and my sister. Do we need an attorney to handle the probate? If not, what do we need to do?
3 Answers from Attorneys
Re: Probate on My Mother's Coop Apt.
See the probate clerk in the Surrogate's Court in the county where your mom died. He or she will tell what is required.
Get in touch with the Coop agent or counsel and you will get instructions for the transfer of the Coop shares and lease.
Re: Probate on My Mother's Coop Apt.
As long as you have a valid Will, the procedure is relatively simple and a lawyer is not required. The person named in the Will goes to the Surrogate's office in the County where Mom died, and arranges the probate (recording the Will and issuing documents evidencing that person to act for the estate). This is a simple procedure (takes about 1/2 hour). You then need to contact the Coop people to ascertain what they require for you to sell the unit. I have not reviewed the Coop documents so I do not know if there are any limitations or restrictions on a sale by an estate. An attorney should review those documents for you.
Re: Probate on My Mother's Coop Apt.
My condolences on the loss of your Mother.
You will need to know the value of the co-op. A RE Broker may be willing to give you a market value analysis.
If you plan on selling the apt. you will need an attorney for that. Also, if there is no mortgage, you will need to locate the original stock certificate and original proprietary lease for the unit.
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