Legal Question in Wills and Trusts in New York

No Will - Under $50K @ death - Who owns?
Clarified/Improved question:

New York State: My uncle passed away several years ago without a will. Earlier he bought an apartment in a co-op in which he was a shareholder. The shares were worth less than $50,000 at the time of his death. My Aunt was appointed executor but never moved the shares to her name.

I got information from someone who said that ''generally everything is decided on the date of death'', so if the value was less than $50K, then it would be hers, and it doesn't matter that the value went up since then--it's still all hers. Is this true?

Which of these two following situations is correct?

1. The ownership is determined by the value of the shares on the date of her husband's death, (value of the shares was below $50,000 at the time) so my aunt is now the sole owner, and if she sells the shares/apartment, she would receive all the proceeds.

2. The ownership is determined by the current value of the shares. As the current value is now over $50,000, the proceeds would be split between her and her son.

Additionally, if the shares are hers, is it possible that she would need any signature of permission from her son to change the name on the shares from her late husband's to her name?

Thanks!

Asked on 8/02/06, 1:28 am

2 Answers from Attorneys

Walter LeVine Walter D. LeVine, Esq.

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Re: No Will - Under $50K @ death - Who owns?

I agree with Debra. Date of death value controls, and the estate passes under the laws of intestacy (dying without a Will). No approval of the son is needed if the aunt was properly appointed to administer the estate. She has full authority to act alone.

Answered on 8/03/06, 12:10 pm

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