Legal Question in Wills and Trusts in New York

Re: tenancy-in-common from devise?

Lots of questions and some missing information, such as why there is a guardianship attorney involved? I will try to answer as best I can. Unless you and your sister can work something out, on asset value allocation, all assets will pass 2/3 and 1/3. Depending on the house value to total assets, if you want the house, you can work out that it will go to you as part or all of your 1/3. If there is no agreement, it passes, as tenants in common, in the estate ratios. This means you have a minority interest, and could be displaced. Securities can be taken in kind, and need not be liquidated, unless both heirs desire this. The same for assets other than cash. As Executrix, your sister owes you a fiduciary duty, which includes a full and complete accounting for all that happens in the estate. While she controls the show, it is always best that you be consulted along the way, but unless she does something improper, this is not required. At 1.3 million, there may be NY death taxes involved, so that, among other things, may be why your sister hired an attorney to help her. If the estate is simple (no unusual assets that could cause complications) and subject to how fast the tax authorities take to get and review returns, it could take a year or more to finalize. This does not mean, once the estate particulars are known, that some interim arrangements, including interim distributions of assets, could be done. Contact me directly if you need more information.