44 The QUEE NS Courier • business • JUNE 20, 2013 for breaking news visit www.queenscourier.com ▶business The Elder Law Minute TM Probate 101 By Ronald A. Fatoullah, Esq. and Yan Lian Kuang-Maoga, Esq. Many individuals don’t quite understand what the term “probate” means, but they have a notion that “probate” is something that they should avoid. Avoiding probate is not always a good idea depending on the circumstances of the matter. Probate is the legal process by which assets of a deceased individual are distributed either according to his or her Last Will and Testament, or by state law if there is no Will (an “administration” proceeding). When a person dies, his or her assets must be separated into two categories: 1. Non-probate: Non-probate assets are any assets for which the inheritors have been specifically named. Some examples are accounts with beneficiary designations, in-trust-for accounts, Totten trusts, or joint assets with the right of survivorship. 2. Probate: all other assets in the name of the deceased. Non-probate assets will pass to the named beneficiary or joint owner by operation of law, and therefore, the Will will have no relevance and will not control those assets. The probate process is only necessary when probate assets are left solely in the name of the deceased without a beneficiary designation. Even then, provided the total value of the assets is minimal and the identity of the heirs can be established, an affidavit may be sufficient to get the assets distributed to the heirs. When a person dies without a Will, his or her probate assets go through an “administration proceeding.” When a person dies with a Will, the probate assets go through a “probate proceeding.” An administration proceeding is the process by which an heir of the deceased person will petition to the Surrogate’s Court to become the administrator of the estate of the deceased. The individual who may seek to become the administrator is determined by law and starts with the decedent’s spouse, then any of his or her children if there is no spouse, and so forth. If approved by the Surrogate, the administrator will be issued “letters of administration” as proof of his or her authority to handle the estate of the decedent. The administrator is often required to file a bond as a condition of being appointed. Once appointed, the administrator is responsible for getting an employee identification number (EIN) for the estate, opening an estate account, locating and collecting all estate assets, paying debts and income and estate taxes if any, and then distributing the remaining assets according to a list provided under state ESQ, CELA* RELAX WITH A CUP OF elder law ROnald Fatoullah statute. For example, if the decedent is survived by a spouse but no children, the spouse will get all of the assets. However, if the decedent is survived by a spouse and children, the spouse will get first $50,000 and the remainder will be divided and distributed 50% to the spouse and 50% to the children. A probate proceeding is the process by which a deceased person’s Last Will and Testament (“Will”) is proven to the Surrogate’s Court to be valid, after which the terms of the will are legally enforceable. The process entails the following: 1. Filing the original Will with a verified petition for letters of testamentary to the Surrogate’s Court in the county where the deceased person was domiciled; 2. Providing notice to any and all individuals who would inherit from the deceased if there was no Will. This gives those individuals an opportunity to file objections as to why the Will is not valid and/ or why the nominated executor should not be authorized to carry out the instructions of the Will; 3. Once the nominated executor is appointed, he or she will receive “letters of testamentary” as proof of his or her authority to handle the estate of the deceased; 4. The executor is then responsible for getting an employee identification number (EIN) for the estate, opening an estate account, locating and collecting all estate assets, paying debts and income and estate taxes, if any, and then distributing the remaining assets according to the decedent’s Will. For individuals with assets in another state, an administration or probate proceeding may have to be initiated in the other state (an “ancillary probate”) as well as in New York. The best way to avoid probate is to have all assets held by a living trust, whether revocable or irrevocable. Ronald A. Fatoullah, Esq. is the principal of Ronald Fatoullah & Associates, a law firm that exclusively concentrates in elder law, estate planning, Medicaid planning, guardianships, estate administration, trusts and wills. The firm has offices in Forest Hills, Great Neck, Manhattan, Brooklyn, and Cedarhurst, NY. This article was written with the assistance of Yan Lian Kuang- Maoga, an elder law attorney with the firm. Ronald Fatoullah & Associates can be reached by calling (718) 261-1700, 516-466- 4422, or toll free at 1-877-ELDERLAW or 1-877-ESTATES. COFFEE AT BEAN & BEAN BY JOHAN HAMILTON Things are brewing on Northern Boulevard with the opening of a brand new coffee shop. Bean & Bean Coffee, located at 210-19 Northern Boulevard, held its official ribbon cutting last week. What sets it apart from other coffee shops in the area, owners say, is that they provide a more laid back and cozy environment for customers. “We’re trying to create a different kind of vibe than other coffee shops,” said manager Kyu Jang. “We have Wi-Fi, all types of different furniture, lots of space, and in general we want people to feel like they can come here to do their homework or just hang out.” Most of the beverages offered at Bean & Bean are organic, and each cup of coffee is hand-dripped so that every customer gets a freshly brewed cup just for them. They also offer specialty brews from all over the world, such as Jamaican Blue Mountain, Hawaiin Kona and Indonesia Sumatra. Their Latin American coffees are also some of their best sellers. The owners, husband and wife Richard and Rachel Han, have a combined BUSINESS in the NEWS experience in over 20 stores in THE COURIER/Photo by Johann Hamilton Richard Han, right, and Kyu Jang cut the ribbon at Bean & Bean on Northern Boulevard. South Korea. Since then, they have opened a coffee shop in Downtown Manhattan, and are in the process of constructing a third store in the World Financial Center. “We chose Queens for our second location because there are so many coffee shops in Manhattan and Brooklyn,” said Rachel. “We wanted to open a more familyoriented location in Queens because there don’t seem to be as many.” VISIT QueensCourier.com TEL US WHAT YOU THINK... ARMY CELEBRATES BIRTHDAY, COMMITMENT TO QUEENS The U.S. Army- Flushing Recruiting Center of the Queens Recruiting Company hosted a cake-cutting ceremony at Queens Center to celebrate its 238th birthday. The event also highlighted the Army’s commitment to the community and featured officials such as Borough President Helen Marshall. SSG Cater, Flushing Recruiting Station; Cpt. Gallucci, Queens Company Commander; 1SG Ellis, Queens Company 1st Sgt.; Tiffany Xue, U.S. Quickly; SFC Susi, Flushing Recruiting Station Commander; Ana Lopez, Arts & Business H.S.; SFC Gaudet, Flushing Station Asst. Commander; SFC Hilyard, Flushing Recruiting Station. (Right) Ana Lopez, Arts & Business H.S.; Col. Sammarco (Ret.), Infantry; Cpt. Gallucci, Queens Company Commander; Borough President Helen Marshall.
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