Legal Question in Real Estate Law in New York

Re: parents die and didn't transfer property; what needs to be paid

IF THERE WAS NO WILL, AN ADMINISTRATION IS REQUIRED. USUALLY A FAMILY MEMBER CAN QUALIFY. THE ADMINISTRATOR USUALLY MUST POST A BOND AND IS RESPONSIBLE TO MAINTAIN THE PROPERTY, UNTIL THE ESTATE IS SETTLED. THIS INCLUDES PAYMENT OF REAL ESTATE TAXES, INSURANCE AND OTHER CHARGES LIKE UTILITIES. IF ANY INHERITANCE OR ESTATE TAXES ARE DUE BY THE ESTATE, THESE MUST ALSO BE PAID BY THE ADMINISTRATOR. IF THERE ARE NO LIQUID ASSETS, THE ADMINISTRATOR CAN APPLY TO THE SURROGATE'S COURT FOR PERMISSION TO EITHER MORTGAGE THE PROPERTY TO COVER THE COSTS, OR SELL IT. WHAT SHOULD HAPPEN (MORTGAGE OR SALE) SHOULD BE DISCUSSED WITH THE HEIRS BEFORE ANY FINAL DECISION IS MADE.

Re: parents die and didn't transfer property; what needs to be paid

The answer depends on a number of factors. Is the parent's spouse also deceased? Was title held as tenants by the entirety, joint tenants or tenants in common?

Assuming that the parent in question was predeceased by his or her spouse and died without a will, the title to the property descends to the heirs at law following a formula that takes into account how many children the decedent had, whether all of those children are alive or, if deceased, have descendants of their own. Et c.

The administrator is the fiduciary who handles the estate when there is no will or, if there is a will, where the executor is deceased or otherwise fails to qualify. The obligations of the administrator vary depending on the facts. The administrator would be well-advised to seek the assistance of an attorney. He or she should speak with the administration clerk at the surrogate's court for "non-advice" as to what they should do next. The clerk cannot and will not give legal advice, but they can provide practical guidance, such as the forms for an accounting, citations and how to fill them out and get them signed by the clerk, and so on.

Once you qualify as administrator of an estate, you take on certain responsibilities toward the heirs at law of the decedent; these may be few or many, depending on the decedent's family tree. But the obligations are real, and you would be surprised at the tensions that even a close-knit family generates during the handling and winding up of an estate, even a small one.

This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon unless and until an attorney-client relationship is entered into. Doing so would require signing an engagement letter and depositing a retainer to secure payment of legal fees.

Re: parents die and didn't transfer property; what needs to be paid

If the heirs at law can agree to what will be done with the property, it is sometimes possible for them to all sign a deed transfering title. Whether or not this is possible depends upon the facts of your situation, which I would need to know before advising you further.

This post is not legal advice and does not establish an attorney-client relationship. It is generalized information in response to the incomplete facts set forth.

Re: parents die and didn't transfer property; what needs to be paid

The property will pass to any surviving owner or according to the directions in a Will. If there is no Will, the property will pass to the surviving spouse, or the decedent's children.

Estate tax will not be due unless the property is valued over $1million.

If you need an attorney, please feel free to contact me.