Legal Question in Wills and Trusts in New York
No Will, No Creditors how long do we have to wait to disperse
My father died intestate in New York State. My sister and I are the only heirs. My father had several CD's, a car, and a house that is paid for. There are no creditors, i.e. no debts. The estate is very simple with not terribly valuable antiques or anything like that. We would like to settle the estate as quickly as possible.
My sister has already petitioned for, and received approved Letters of Administration from the local Surrogate Court and has already collected all the CD's into an estate account at a local bank.
The house will be sold at a later time,(and using a lawyer for that sale) when we can fix it up some. If we are planning to sell the house and split the proceeds, do we have to have it appraised first ? Do we have to prove the value at time of death to the cout ?
Must we wait a certain period of time before distributing the funds from those CD's to my sister and I? (there are no creditors)
How do we prove that the estate is finally settled ? Is there something we must file with the cout?
Do we have to show the court what each of us got from the estate ? If so, how detailed does it have to be ? (i.e. down to pieces of furniture ?)
What other documents must we file with the court?
2 Answers from Attorneys
Re: No Will, No Creditors how long do we have to wait to disperse
You should have a knowledgeable attorney assisting you. If the estate does not have sufficient value to require the filing of a Federal Estate or NY Inheritance Tax Return, it can be completed simply and quickly. All that is required is that a simple accounting be held between your sister and you, the signing of several simple documents to close the estate with the Surrogate and distribution of assets between yourselves. You might want to file a new Deed to the house from the Estate to you and your sister, which will help to clear title when you finally sell it. Most local NY estate attorneys can assist you, and the fees should not be large, presuming the estate is below the amount required to file the aforesaid returns. Everything could then be done in a few weeks and the estate completed.
Re: No Will, No Creditors how long do we have to wait to disperse
If the estate does not require Federal or NY Eastate Tax returns, you are talking about a deed to you and your sister as soul heirs which ahould cost less than $250. Feel free to contact me if you require further information.
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