Legal Question in Wills and Trusts in New York

Re: Probate in NYC

The bond generally lasts for a year and then is renewable. Look at the bill or ask the agent or insurance company involved.

The insurance proceeds are not required to be used for the payment of your dad's debts. Only assets he owned outright at the time of his death are subject to claim by creditors.

I am perplexed by the "collection of the balance" inquiry. The insurance proceeds, in the absence of some unusual circumstances, should be paid immediately.

Maybe the problem is that the insurance proceeds are payable to the Estate. These proceeds would be required to be used to pay dad's debts.

Get the process over as quickly as possible.

Re: Probate in NYC

The assets and liabilities of the Estate need to be identified and a proper distribution of assets and payment of creditors needs to be done under NY law. A bond is usually for one year and is renewable. An experienced estate planning attorney should be able to handle this under NY law. Please note that my legal services are available only with a signed engagement agreement. If I can be of any help to you or people you know, give me a call as I would be pleased to provide legal support. Sincerely, Robert Beatson, II; 9-17-2001, 1:30 p.m. EDT; Law Offices of Robert Beatson, II; 9818 Glynshire Way, Potomac, MD 20854; Tel/Fax 301-340-2951; email: [email protected]; website: www.beatsonlaw.com; Licensed to practice law in DC, MD, VA, and NY.

Re: Probate in NYC

You probably do not need legal counsel. The bond lasts for the life of your appointment, although premiums for coverage are annual. So, if you can, complete the matter within a year so you do not have to pay a second year's premium for the bond. As to the insurance, if the policy did not contain a second beneficiary, the proceeds will go to your father's estate, which is you as administrator. You will need to provide them with an original death certificate of your mother, to show the primary beneficiary predeceased the insured. When you get the funds, open an estate checking account - the administration papers from the Court will allow you to do this. Deposit the funds in the account and use them, first, to pay the estate debts and bills, and then you can disburse the balance among the children. If there are other assets, the Surrogate papers will also allow you to obtain them (like close bank accounts, etc.) All cash should go through the estate checking account. Ultimately, you will have to provide the children with an accounting and obtain release and refunding bonds from them (after the estate is distributed) to be filed with the Surrogate to terminate your administration and cancel the bond. Write me as [email protected] or call me at 973-377-3313 if you have any questions. You might need a local attorney to assist you in completing your reports to the Court and for your dismissal, although you could do it yourself with some help from the Court.