Dealing with the death of a family member or close friend can be a very difficult and daunting task. Knowing what to expect can make the process seem less overwhelming and less stressful. After handling funeral arrangements, the next step is figuring out what happens to the person’s assets now that they have passed away. Once a person dies all of their assets become part of what is called their estate. Most New York estate matters are handled by the Surrogate’s Court of the county where the person (now known as the decedent) was a resident at the time of their death.

If the decedent has a will, the will needs to go through the probate process. It must be admitted by the court before any of the decedent’s assets can be distributed. If the decedent died without a will or the will is deemed invalid, the assets are distributed pursuant to the intestacy laws of that state. This determine what next of kin is entitled to inherit from the decedent. There are also instruments such as trusts that may distribute the decedent’s assets without having to go through the court.

In addition, there are other legal instruments such as joint ownership of property, designating a beneficiary on a life insurance or retirement account, payable on death or transfer on death accounts, and gifting which may also assist with distributing the decedent’s assets without having to go through the court system. New York also allows estates smaller than $50,000 to go through a small estate proceeding.

If the decedent dies with or without a will, the personal representative will need to file either a Petition for Probate or a Petition for Administration with the Surrogate’s Court seeking to be appointed to administer and distribute the decedent’s estate. A copy of the decedent’s death certificate and the original will of the decedent will also need to be provided to the court, if required. The personal representative will either be an executor, if appointed in the will, or an administrator, who is a person appointed by the court to administer the decedent’s estate. The personal representative will be responsible to pay the decedent’s bills and distribute the decedent’s assets to their beneficiaries.

Some courts will require the personal representative to post a bond. In the event that the personal representative makes a mistake that costs the estate money, the bond can cover those costs.

Once a personal representative is appointed, the court will issue Letters Testamentary or Letters of Administration to the personal representative. The court will also require that all of the decedent’s beneficiaries, heirs, and creditors are notified of the filing of a petition in court. The decedent’s beneficiaries, heirs and creditors are able to either contest the estate or make a claim against the estate. If there is any dispute or will contest, the court will review any evidence presented. They will then resolve the dispute before any assets can be distributed.

Assume that there is no dispute or all disputes over the decedent’s estate have been resolved. The personal representative will gather the decedent’s assets. This includes all real estate, financial accounts and investments, personal property and cash, and liquidate any assets as needed to pay creditors and distribute the assets to the beneficiaries before closing out the estate.

Once all the assets are distributed, the personal representative will file a closing statement with the court. This lets them know that all matter relating to the estate have been completed and seek to be relieved from their duties. Once the court approves the closing statement, the personal representative will be relieved of their duties.

Before you decide to handle the process of dealing with a person’s estate, it’s best to discuss this matter with an attorney who handles probate matters who can assist you in making a difficult process easier.

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