Key Takeaways A co-op owner holds shares in a corporation, not a deed to real property. A proprietary lease grants the right to occupy a specific apartment unit. Co-op shares generally must pass through Surrogate’s Court probate at death. A properly funded trust can hold co-op shares if the board approves it. Joint ownership of […]
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Key Takeaways A trust in New York typically takes three to six weeks to draft and sign, not counting the post-signing asset alignment / funding process. Funding a trust, transferring assets into its name, often takes a few weeks longer. The type of trust selected changes the timeline; revocable trusts move faster than irrevocable or […]
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Key Takeaways A quitclaim deed transfers ownership without guaranteeing clear title. Valid deeds require competent parties and acceptance by the grantee. Lack of capacity may provide grounds to challenge a quitclaim deed. Undue influence or forgery may make a quitclaim deed invalid. Contesting a quitclaim deed requires evidence and a timely legal challenge. A quitclaim […]
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Key Takeaways Estates typically remain open about two years until assets are distributed. Most states require filing probate within 10 days to three months after death. Executors usually have about 30 days to initiate the probate process. Creditors generally have one to four months to submit claims against the estate. Courts close an estate after […]
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Key Takeaways A minor can legally inherit a house in New York, but cannot manage or sell it alone. New York law defines a minor as anyone under eighteen years old. Courts appoint a guardian when no trust or custodial arrangement already names one. Testamentary trusts and custodial accounts let parents choose who manages the […]
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Key Takeaways Property ownership after a co-owner’s death depends on the deed’s ownership structure. Joint tenancy with survivorship transfers the deceased owner’s share automatically to surviving owners. Tenancy in common allows a deceased owner’s share to pass to heirs through a will. Tenancy by the entirety transfers full property ownership to the surviving spouse. If […]
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Key Takeaways Property taxes continue accruing after a property owner’s death. The estate must pay property taxes during estate administration. Heirs are generally not personally liable before taking ownership. Unpaid property taxes may result in tax liens or foreclosure. Property held in a trust avoids probate and trustee delays. When a property owner dies, the […]
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Key Takeaways Pets are treated as personal property under New York law. A will can name a pet caregiver but lacks ongoing enforcement. New York law recognizes pet trusts as enforceable arrangements. A pet trust appoints a trustee to oversee funds for pet care. Naming a backup caregiver helps protect pets if plans change. For […]
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Key Takeaways Estate planning helps address the “5 D’s” of business succession. A sole proprietorship typically dissolves if the owner dies without a plan. Succession planning determines who takes over the business and on what terms. A revocable living trust can transfer business interests outside probate. Failing to coordinate business and estate plans can create […]
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Key Takeaways Social media accounts may remain active, be deleted, or be memorialized after death. Family members generally cannot directly access a deceased person’s account. Platform terms usually prevent account access from transferring to heirs. New York law grants fiduciaries authority over digital assets in some cases. A digital estate plan documents how online accounts […]
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