Legal Analysts

Showing posts with label probate. Show all posts
Showing posts with label probate. Show all posts

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."

Monday, November 03, 2014

10 Surprises When Inheriting Real Estate

Following the death of a loved one, you may become the recipient of an unexpected parcel of real estate. Yet, with every windfall comes great obligations, so be prepared for the surprises you may encounter when inheriting property.

Andrew Lieb's latest article featured in The Huffington Post includes the following topics:

  1. Mortgage Transfer
  2. Reverse Mortgage
  3. Rental
  4. Homeowners Insurance
  5. Testamentary Substitutes
  6. Estate Tax
  7. Capital Gains Tax
  8. Probate
  9. Heirs at Law
  10. Right of Election
You can view the article by clicking here.