Administrator of Estate Removed

In a case before Surrogate Melinda Malaze-Gonzalez, who sits in Bronx County New York, a son who was co-administrator of an estate asked the court to remove letters of administration issued to his sister, the decedent’s daughter. It should be noted the co-administrators were the brother and sister and the sole beneficiaries of the estate.

The Estate Had Real Estate Assets.

The primary assets of the estate were real estate holdings. The brother and sister had entered into a stipulation. The stipulation called for each on them to be co-administrators of the estate of their parent. The court granted letters of administration to both the brother and the sister. There were restrictions in the letters of administration concerning the real estate owned by the decedent.

Brother Seeks To Remove His Sister

The brother brought a legal action seeking to remove his sister as the co-administrator of the estate. The sister failed to retain an attorney to oppose her brother’s proceeding to have her removed. Justice Malaze-Gonzalez found the son’s allegations were not in controversy. She also found the sister’s refusal to take necessary steps to collect and distribute the estate’s assets was in violation of her fiduciary obligations. In addition, Judge Malaze-Gonzalez found a failure to state any reason why the assets of the estate should be retained constituted the basis of granting the son’s application to have her removed as the co-administrator due to her failure to understand what her fiduciary duties were.

schlissel-headshotElliot S. Schlissel, Esq. is an estate’s lawyer. He represents individuals probating wills, challenging wills, filing intestacy proceedings and all other estate related matters throughout the Metropolitan New York area. He has been helping his clients for more than 3 decades in these endeavors. He can be reached for a free consultation at 800-344-6431 or e-mailed at Elliot@sdnylaw.com.

Trusts Explained

Trusts-Explained

Trusts are sophisticated estate planning vehicles. They are established to provide a variety of different schemes. Trusts are usually more complicated estate planning documents then simple wills.

The Grantor

The person setting up a trust is referred to either as the grantor or settler. The grantor appoints individuals to be trustees and successor trustees. The grantor also names individuals who will be the beneficiaries of the trust.

Trusts are often part of an estate plan. The estate plan can involve, in addition to the trust, a will, a power of attorney, a health care proxy and a living will. Sometimes deeds have to be redone to allow the real estate to be placed into a trust.

Funding the Trust

Trusts are funded by the transferring of assets into the trust. Deeds can be modified to be placed into a trust. Bank accounts, stock portfolios, and all types of other assets can be placed into a trust.

Revocable vs. Irrevocable Trusts

The differences between revocable trusts and irrevocable trusts have to do with whether the trust can be changed, modified or revoked. Revocable trusts can be changed, modified or cancelled. Irrevocable trusts can usually not be changed, modified or cancelled without difficulties.

Testamentary Trusts vs. Lifetime Trusts

Testamentary trusts are trusts that are created in wills. Inter-vivos trusts which are sometimes referred to as lifetime trusts are created during the course of someone’s lifetime separate and apart from a will.

Creating and Understanding Trusts

Trusts are complicated documents and they should only be drafted by an experienced estates attorney. Trying to create a trust on your own would be equivalent to performing surgery on yourself.

schlissel-headshot

Elliot S. Schlissel, Esq. is a member of a member of the National Academy of Elder Law Attorneys. He has been drafting wills, trusts and other estate documents for clients for more than 30 years. He can be reached at 800-344-6431 or e-mailed at Elliot@sdnylaw.com.

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