When a loved one passes, we are here to help guide you through the process of administering their estate. There are three primary ways that assets pass on death:

1. Operation of law

Named Beneficiary

Many accounts can be established with a named beneficiary. This means upon the account holder’s death the account is transferred to the named beneficiary. Usually the only thing required by the financial institution is a death certificate.

Joint Assets

There are multiple ways assets can be jointly held. If there is a joint tenancy with rights of survivorship (JTWROS), the surviving owner becomes the sole owner of the asset automatically. However, not all joint assets are created equally. In some cases, a jointly held asset may be one of convenience or held as tenants in common. It is important to understand the type of joint asset to address its disposition upon the death of an owner.

2. Testacy or Intestacy

Testacy

When someone dies with a Last Will and Testament they are said to have died testate. The designated executor files a petition, along with several other documents, to the Court seeking to have the will admitted to probate. When the will is admitted to probate, the Court issues a Decree and Letters Testamentary formally vesting the executor with the legal capacity to act on behalf of the estate to distribute assets in accordance with the Will.

Intestacy

When someone dies without a Last Will and Testament they are said to have died intestate. An heir of the decedent, with an order of preference established by statute, files a petition, and other required documents, to the Court seeking to be appointed Administrator of the estate. Letters of Administration grant the petitioner with authority to act on behalf of the estate to distribute assets in accordance with NYS statutes.

3. Trusts

There are many different types of trusts. Trusts act as an entity separate from individuals and actually are deemed the owner of assets vested with them. While trusts are a means to avoid the necessity of applying to the Court for authority, there are other complexities involved with trusts. As with a will, trusts name beneficiaries for the disposition of assets upon the conclusion of the trust.

Farrauto Berman Slater & Michaeli is ready to handle all types of the settlement of estates irrespective of the type or size of the estate.