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WILLS & ESTATES
Q. If I die without a will, does the state take everything I own? A. No. There's a very good chance, however, that your estate won't go to whom you'd like. Most wills cost less to draft than you'd think and are well worth having. Q. My mother drafted a power of attorney and made me attorney in fact. She passed away recently. Can I still use the power of attorney? A. No. A power of attorney doesn't survive the person who signed it. Q. I was named executor in my uncle's will. Do I have to do anything more in order to sell his house? A. If you're the named executor in a will and there are significant estate assets, you'll need to probate the will and get appointed executor by the county Surrogate's Court judge. Your name in the will doesn't make you anything without letters testamentary. "Letters testamentary" is a name for the instrument used by the Surrogate's Court judge to appoint you executor. Q. How long does an estate have to stay open? A. The minimum time that an estate must be left open is seven months from the date that letters testamentary (if a will is probated) or letters of administration (usually meaning there is no will) are issued. The reason for this minimum is to give creditors a chance to make a claim for debts owed to them by the estate. Q. How bad are New York estate taxes? A. It depends. If you're leaving everything to a spouse, and your spouse is an American citizen, there's no estate tax, period. If you're leaving all or part of your estate to someone else, it depends on how big your estate is and what's in it. It is possible, even if you're unmarried and uncharitable, to leave a substantial estate to relatives and friends without an estate tax bill. |
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