Legal Analysts

Showing posts with label executor. Show all posts
Showing posts with label executor. Show all posts

Friday, November 17, 2023

Terminating a Lease of a Decedent as an Executor / Administrator

If someone dies who is a tenant and if the estate wants to terminate the lease, all they have to do is notice the landlord by registered or certified mail, return receipt requested. 

That is the new law, Real Property Law 236-a. 

Don't worry landlords, this law doesn't relieve tenants for past due rent, damage, or expenses.

While this law doesn't apply to cooperative units, it sure seems to apply to commercial property, which is insane (all the more reason to have tenants lease as entities, not individuals). 

This law is effective February 15, 2024. 

Friday, October 29, 2021

New Law: Felon Executors Permitted in Probate

Wow, as of October 22, NYS is now permitting felons to serve as Executors of Estates by way of A2573A

Previously, a Petition for Probate required an Affirmation as to whether the applicant has been convicted of a felony and if they had, they'd be denied Letters Testamentary (appointment as the estate fiduciary). 

According to the Bill's Justification, the purpose of this new law is to respect the decision of the decedent. Specifically, the Justification states:

In most instances the court respects the choices made by the creator of the document and appoints the nominated parties. It is detrimental to grieving families when an individual is prohibited from acting as an executor due to his or her conviction after paying their debt to society.

That being said, this new law is not without any restrictions whatsoever. Specifically, the law enables the Court to nonetheless declare a felon ineligible if their "crime may be adverse to the welfare of the estate, including but not limited to, crimes such as embezzlement or any crime where there was a misappropriation of money or a breach of fiduciary duty."