The settlement of a New York estate can be very complex based upon a number of factors. To begin with, different rules apply where a decedent died with a Last Will and Testament as opposed to an intestate estate. In the case of a Will, the distribution of estate assets is controlled by the terms of the Will. In the case of intestacy, estate distribution is based upon the provisions of Estate, Powers and Trusts Law Section 4-1.1 entitled “Descent and distribution of a decedent’s estate.”
Also, where a Will exists, there is usually an executor appointed. An estate administrator is appointed where there is no Will. Both Executors and Administrators have essentially the same powers and authority although a Will may provide specific powers or directions to the estate fiduciary.
The New York Probate Lawyer Blog has published many articles concerning real estate and estates. A very common issue which arises is that an estate’s primary and most valuable asset is real estate. If there are multiple estate beneficiaries, the real estate may need to be sold in order to satisfy each of the beneficial shares. In many cases, the asset may be occupied by third party tenants or even relatives. As a result, the estate fiduciary may need to commence eviction or ejectment proceedings in order to obtain possession of the property before it can be sold.