Estate Administration of Real Property and Co-Ops in New York (On-Demand)

$129.00

When a person dies owning real property or shares in a cooperative corporation in New York, a careful analysis is required by the attorney advising the executor, administrator, trustee, or beneficiary. Real property and shares in a co-op can pass in many ways, affecting the rights of parties and informing the procedures required to re-title property. Depending on the circumstances, the right of a fiduciary or beneficiary to administer real property in a decedent’s estate can range from extremely broad (e.g., passing to the residuary estate in a will), to very limited (e.g., a specific devise in a will of real property that needs to be sold to pay estate debts), to non-existent (e.g., property titled as joint tenants with rights of survivorship). This course explores the proper procedures, pitfalls, issues, and necessary analyses required by counsel for fiduciaries and beneficiaries to administer real property and co-ops in a decedent’s estate in New York.

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Event Details

Course Type

Original Date Of Course

Course Instructor

Daniel J. Reiter, Esq.

General Credits

1

Course Description

When a person dies owning real property or shares in a cooperative corporation in New York, a careful analysis is required by the attorney advising the executor, administrator, trustee, or beneficiary. Real property and shares in a co-op can pass in many ways, affecting the rights of parties and informing the procedures required to re-title property. Depending on the circumstances, the right of a fiduciary or beneficiary to administer real property in a decedent’s estate can range from extremely broad (e.g., passing to the residuary estate in a will), to very limited (e.g., a specific devise in a will of real property that needs to be sold to pay estate debts), to non-existent (e.g., property titled as joint tenants with rights of survivorship). This course explores the proper procedures, pitfalls, issues, and necessary analyses required by counsel for fiduciaries and beneficiaries to administer real property and co-ops in a decedent’s estate in New York.

Syllabus

  1. The difference between administering real property and cooperative apartments.
  2. Review of the powers of the executor, administrator, trustee or beneficiary depending on how property is titled.
  3. Discuss how property passes outside of probate via life estates, joint tenancy with rights of survivorship, and tenancy by the entirety, and differentiate these titles from tenants in common.
  4. Explore the laws of automatic vesting of real property via a specific devise in a will or via intestacy.
  5. Identify the special rules relating to executors’ and administrators’ deeds.

Instructor

Daniel J. Reiter, Esq.

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