Legal Question in Wills and Trusts in New York
Before the will is filed
Are there legal ramifications if withdrawls are made to the desesed's bank accounts after their death and before the will is filed?
If an executor is not named by the will who will take on that role? By whom are they named to be executor? The family? The court?
Thanks
4 Answers from Attorneys
Re: Before the will is filed
The first part of your question is difficult to answer without knowing more. Who took out the money? Who are the beneficiaries of the will?
If there are no executors named in the will or if they are named but none are alive, then certain relatives can petition the court to be appointed to manage the estate.
Re: Before the will is filed
Question 1 - answer depends upon who made the withdrawal. If it was from a joint account and withdrawn by the joint owner, since the account belongs to the survivor, it would be his/her money anyway. But the withdrawal still has to be accounted for in the decedent's estate. If the funds were withdrawn from an individual account, the question of who is entitled to it depends upon the purpose of the withdrawal. In any event, the funds still need to be accounted for in the decedent's estate.
Questions 2 and 3. Very unusual for someone to have a Will and not name an executor. If one was not actually named, Surrogate's Court may treat this as an Administration with the Will Annexed and allow the next closest family member to be appointed as Administrator (like an executor), but may require a bond be posted, even if the Will waived this requirement. If you call me (973)-377-3313 or e-mail me ([email protected]), I can talk to you and explain more.
Walter
Re: Before the will is filed
The legal ramifications are that the person who withdraws the money will have to account for the spending of that money to the executor. Most wills name an executor, but if no one was named, one can petition the court to be the executor. If you have more questions, please contact-
Jason L. Stern
212.208.2470
Re: Before the will is filed
Generally, until a will is probated only limited withdrawls can be made. The executor is nominated by the decedant and appointed by the court.
Before you do anything, you should consult with an attorney. Let me know if I can be of help.
Daniel Clement
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Law Offices of Daniel E. Clement
350 Fifth Avenue, Suite 3000
New York, New York 10118
Tel: (212) 279-6194 Fax: (212) 695-6007
E-mail: [email protected]
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