Estate Admin-Outline1 - I NY Const Art VI 12 created...

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I. NY Const. Art. VI §12: created constitutional surrogate’s court A. Jurisdiction over property of infants (-18) B. Legislature may grant additional jurisdiction to Surrogate’s Court 1. In addition to guardianship proceedings, surrogate has jurisdiction over adoptions 2. Common trust funds: like mutual funds but it is where property is deposited with a bank 3. NY has a procedure to appoint somebody to become the conservator or committee to handle the affairs of a person under disability a) Conservator: supposed to represent property, but allowed to represent property AND person (medical choices, etc.) 4. Article 81 of Mental Hygiene Law: eliminates conservators a) If someone is under a disability and person is proceeding in surrogates court and no other court has appointed a new guardian, then surrogates court has jurisdiction 5. NY does not have many inter vivos trusts for estate planning a) Mostly tax reasons: give away assets during your lifetime by way of revocable trusts or irrevocable trusts (1) Surrogates court has jurisdiction over revocable and irrevocable trusts because it has to do with the affairs of a decedent (constitution gives surrogate jurisdiction over the affairs of a decedent)
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(a) Appellate courts have always given limited jurisdiction to surrogates court
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b) Legislature gave jurisdiction to surrogates over all inter vivos trusts of living and deceased people C. Matter of Figgione: Surrogate now has all jurisdiction over any matter that involves the affairs of the estate II. SCPA A. Article 1 1. Surrogate’s court follows more the federal rules rather than the CPLR (more liberal) 2. If it is not named in SCPA, then CPLR controls 3. Surrogate’s court is allowed to promulgate rules and regulations (must be in conformity with the statute) 4. Definitions a) Acknowledgment: must say that filing is truthful b) Testate: have will, have executor handle estate c) Intestate: no will, administrator handles estate d) Administrator CTA: executor does not work out, someone steps in to handle estate e) Administrator DEM: administrator dies or cannot complete administration (sometimes something needs to be administered in NY with out-of-state estates) – rare f) Beneficiary: someone who gets assets from estate g) Bequest / Legacy: giving personal property h) Devise: giving real property i) Corporate trustee: corporate fiduciary who will be executor (usually a bank) j) Creditor: one who has a claim against estate
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k) Distributee: someone who shared estate with decedent l) Domicile: chief residence (for minors: where parents / guardians live) m)Domiciliary: where you actually reside n) Grantor: one who leaves assets through an instrument other than a will o) Infant: under 18 p) “May”: discretionary q) “Shall”: must r) Petition = summons s) Objection = complaint t) Property: anything that is the subject of ownership u) Contestor: one who challenges the probate of estate v) Objector: one who objects to the accounting of estate w) Respondent = x) Trusts (1) Testamentary trust: trust created by will
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