Now That We Know The Difference Between The Administrator and The Executor(Executrix), What’s Next?

Good evening Dolls,

Happy late Monday, early Tuesday to you all!  I hope you had a fantastic weekend.  Mine was nothing short of amazing, humbling and full of love.  I had the opportunity to partner up with one of my clients, now a family member, to promote a Homeless Shelter Gala.  As women, we have to, and need to, do so much to uplift each other. This gala afforded me the opportunity to spoil these women, even if only for a day.  They were served from beginning to end, they danced, they shared inspirational words with each other and heard stories from women who went through similar situations.  In addition, we had a male poet that spoke of a “Queen Mother”.  Just an overall beautiful weekend and I was so thankful for the time and energy in the room.

Last week, we spoke about having a will and making sure your affairs are in order.  Well, this will be a 4-5 part series.  After going through this situation with a future client, we decided this would be a great topic to discuss and to keep it going until it’s completed.  Today I will focus on the steps to becoming an Administrator.  If you remember, an Administrator is assigned when there is no beneficiary AND there wasn’t a Will.

Step 1
Contact the surrogate or probate court of the county where the deceased lived or owned real estate. Estate proceedings usually take place in this county. Ask what is required to file an administration petition and how much the filing fees are – yes there’s a fee, a pretty hefty one, especially when there is a lot of money/property involved.  $$$$$

Step 2
Briefly review the values of the deceased’s assets if you’re not sure what the deceased owned. You will have to provide asset estimations on the administration petition. You’ll need to be able to estimate the values of the deceased’s personal property and real estate

Step 3
Go to the probate court. Bring the death certificate, certificate copy, filing fee, your identification and the asset estimates with you. Ask for a petition for administration.

Step 4
Complete the petition. Petitions vary by county, but you usually must provide the deceased’s name, birth date, death date, last address, asset estimations, and names and addresses of all living relatives, including children, parents and siblings. Answer all the questions on the petition.

Step 5
Sign and date the petition. Ask the court clerk if there are notaries available in the court if you need your signature notarized.

Step 6
File the petition and pay the filing fee. Follow any instructions from the court. You’ll be required to send copies of the petition to all the relatives you listed by the method set by the court, such as certified mail because there was no will left or no beneficiary.

If you go to NYCourts.Gov, you will see the form under:

Forms

Letters of Administration – please keep in mind that depending on the dollar amount of funds and assets will determine which form needs to be filled out.

Click to access ADM.pdf

Below is an Administrator checklist, to help us stay on track with what needs to be done.

file:///C:/Users/Marsha/Documents/Administration%20Proceeding%20Checklist.pdf

As always, if you have any additional questions, please feel free to post here or reach out to: thefinancialcomforter@gmail.com

Next Week: We will discuss the limits that dictate the different forms.

Thank you and have a beautiful week and Thanksgiving 🙂

Marsha

Changing the lives in our community….one family at a time

 

 

 

 

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