In New York State, the affairs of the deceased are settled through probate proceedings which take place in the county Surrogate’s Court. When a will has been made, it is “probated,” through the Surrogate’s Court. If there is no will, debts and assets are resolved through administration. In either case, no assets can be given to beneficiaries or heirs until debts are resolved following court protocols. Read on to understand how proceedings typically unfold in the Surrogate’s Court.
The Surrogate’s Court
As Trust and Estates Lawyers explain, “The probate court in New York is called the Surrogate’s Court. There is a separate Surrogate’s Court in each county. The judge who oversees probate matters in the Surrogate’s Court is called a Surrogate.” Essentially, the Surrogate’s Court handles the probating of a deceased person’s will, or absent a will, the administration of their estate. The term “Surrogate” reflects the judge’s role in supervising these matters, including proving the will’s validity and overseeing the distribution of the deceased’s assets according to the will or state law. According to the New York City Bar Legal Referral Service (LRS):
Probate is the court process where, after your death, the terms of your will are approved by a judge, and your assets, property and possessions are given out to your beneficiaries after your debts are paid off. In New York State, probate proceedings take place in the part of the court called the “Surrogate’s Court”….Your assets, property and possessions are called your estate. The representative appointed by the court is called the “executor.” The legal documents that make that person your executor are called “letters testamentary.”
In a probate proceeding, the executor named in the will files a petition in Surrogate’s Court along with the original of your will. The petition will include the date of death, beneficiaries named in the will, heirs-at-law in case the will is invalid, and an estimate of the value of the estate. All interested people, beneficiaries and heirs-at-law, will be notified of the probate proceeding.
Once probate proceedings are under way, executors typically find themselves quite busy with their duties. For example, in New York State, following the protocols and timelines of the Surrogate’s Court, executors are responsible for:
- Locating and making an inventory of all your property and transferring it to the estate;
- Paying your bills and taxes;
- Collecting debts owed to the estate;
- Investing and managing your assets during the probate proceeding; and
- Distributing your property to those who you chose to receive it at the end of the probate proceeding.
Good To Know: Surrogate’s Bond?
A surrogate’s bond, also known as a fiduciary or probate bond, is a financial guarantee ordered by the court to ensure that the person appointed to manage a deceased person’s estate, such as the executor, acts with honesty and integrity. Essentially, a surrogate’s bond is a safety net for the estate’s beneficiaries and creditors. A surrogate’s bond is a legally binding contract involving three parties:
- The Principal: The person managing the estate, such as the executor or administrator, who can be required by the court to obtain the bond.
- The Obligee: The court, on behalf of the estate’s beneficiaries and creditors.
- The Surety: The company that issues the bond.
The court may order a bond for the protection of the estate and its beneficiaries. Typically, court protocols detail bond requirements, though conflicts or complexities with an estate may result in the judge issuing specific bond requirements. Essentially, with a bond in place, if there are allegations of fiduciary mismanagement or misconduct while an estate is being probated, the harmed parties can file a claim against the bond. The surety company then pays the claim up to the bond’s value and seeks repayment from the fiduciary.
As a leading, direct writer of all types of fiduciary bonds, Colonial Surety Company makes bonding easy and speedy. Whenever and wherever the Surrogate’s Court or Probate Court requires a bond, we are here to help with our national, online fiduciary bond service. Digital bonds available at Colonial Surety Company include: surrogate, probate, administrator, personal representative and executor bonds.
Obtain Bonds for Surrogate or Probate Court Right HERE.
Probate Law?
Speed things up whenever and wherever a bond is needed. With a few clicks on The Partnership Account® for Attorneys, you’ll arm your clients with exactly the bond needed.
Just select a fiduciary or court bond from our online portfolio, send it to your client for payment, then download, e-file or print the bond. Specific obligee requirements?
Trust us: Colonial Surety Company is a direct bond writer, so our experts ensure obligee requirements across the country are properly met.
Our fiduciary bond portfolio includes: administrator, estate, executor, guardian, personal representative, probate, surrogate, trustee, conservator and the list goes on. Court bonds are right here too, including: appeal, supersedeas, injunction, replevin, receiver and more.
Speedy, easy bonds court and fiduciary bonds every time:
The Partnership Account® for Attorneys.
Colonial Surety Company is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed for business everywhere in the USA. Our customers have awarded us a 4.8 Trustpilot score. Whenever and wherever you need a bond, trust Colonial Surety Company: www.colonialsurety.com