A decedent’s property interests may pass in a number of different ways. Ownership of a jointly owned asset will pass by operation of law to a surviving joint tenant. Life insurance payable as th... A decedent’s property interests may pass in a number of different ways. Ownership of a jointly owned asset will pass by operation of law to a surviving joint tenant. Life insurance payable as the result of a decedent’s death will be paid to the designated beneficiary. Such assets are not part of the personal property of the estate for purposes of administration and are referred to as being “self-administering.” A fiduciary is not required in order to pass legal title to such assets.The determination as to whether a particular asset is self-administering, however, requires more than mere categorization. For example, although life insurance is usually self-administering, if the estate is the beneficiary, either because it was designated as such or because no designated beneficiary survived the decedent, a fiduciary will be required in order to collect the proceeds. The estate practitioner should also bear in mind that even though self-administering property interests are not assets within the estate for administration purposes, they probably will be includable in the estate for estate tax purposes.If all of the decedent’s assets are self-administering, a fiduciary need not be appointed and, accordingly, administration is not required. If, however, assets titled in the decedent’s name alone are subject to the control of a third party who will not release them without a court-appointed fiduciary, administration will be necessary. If the decedent died with a will, a formal probate proceeding under N.Y. Surrogate’s Court Procedure Act (SCPA) article 14 will be required; if the decedent died without a will, a proceeding to appoint an administrator under SCPA article 10 will be required.There are three main exceptions to the general rule described above. First, if the only property titled in the decedent’s name alone qualifies as exempt property under N.Y. Estates, Powers and Trusts Law 5-3.1 (EPTL), administration may not be required. For example, if the only such property is an automobile having a value of less than $25,000, a surviving spouse or minor children can effect the transfer of title by a simple affidavit filed with the Department of Motor Vehicles. Second, qualified persons, upon simple affidavit, may employ an out-of-court method for collecting and administering certain assets. Finally, if the estate consists of personal property which is not self-administering and is not subject to EPTL 5-3.1 or collectible under SCPA 1310 or 1311, but which has a gross value of $30,000 or less, the procedure set forth in SCPA 1301 through 1309 for voluntary administration may prove an economical and expeditious alternative to a formal proceeding under SCPA article 14 (Probate) or SCPA article 10 (Administration).Surrogate’s Court Procedure Act article 13 permits informal collection and distribution of estate personal property of a gross value of $30,000 or less ($20,000 or less for decedents dying prior to January 1, 2009;$10,000 or less for decedents dying prior to August 29, 1996), exclusive of property set off under EPTL 5-3.1(a). Use of the article 13 procedure is permissive and not mandatory, and may be employed immediately after the decedent’s death. Even if an estate falls within the statutory definition of a “small estate,” and there is a person who may qualify as a voluntary administrator, letters of administration or letters testamentary may instead be obtained or even required by the court under certain circumstances.Designed to eliminate delay and expense in the administration of small estates, SCPA article 13 is remedial in nature and its provisions are to be liberally construed. A liberal construction is the same as an “equitable construction” and must give effect to the statute according to the intention of the lawmakers, as indicated by its terms and purposes.The procedures prescribed in SCPA article 13 may give rise to certain problems involving due process, given the lack of notice requirements and other formalities. If any provision of the statute is successfully attacked as unconstitutional, however, the remaining provisions of article 13 would not be affected. Article Tags: Small Estates, Personal Property, Scpa Article, Under Scpa Source: Free Articles from ArticlesFactory.com Law Offices of Farrukh Nuridinov P.C. provide professional legal services in the New York area. Those in need of a top probate lawyer in NYC should trustfully contact Farrukh Nuridinov..
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What To Look For In An Eye Cream
Eye creams and eye gels come in a variety of forms and also prices. But what should you really be looking for if you want to care for the delicate skin around your eyes? Well, I have an answer to this, using an under eye wrinkle cream to treat your...