Q: we live in a co-op where the owner of the shares has died a few years ago. There was no will but there are three sons.
There has not been a probate on the shares. How should the co-op proceed with this estate?
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- New York
- (908) 460-5431
- View Profile
- Answered
A: The owners of the shares are automatically the three sons, but it is a good idea for them to formally transfer the ownership via an administration proceeding which can be limited to just that property (shares and proprietary lease). It's easy to do, go to the Surrogate's court in the county in which the property is situated.
A:
3 sons must start Administration proceedings in the county where decedent died. (Administration is when there was no will). After Court decided who the owner of the shares is (usually by intestate succession of the state of NY it would go to spouse 50% and the rest to the kids or if no spouse all to kids in equal shares). After there is a determination from court you can take it to coop board.
You need consultation from estate attorney before proceeding.
Sincerely,
Inna Fershteyn
Law Office of Inna Fershteyn and Associates, P.C.
1517 Voorhies Ave, Suite 400
Brooklyn, NY 1123
tel: 718-333-2394
fax: 718-701-8859
www.BrooklynTrustandWill.com
5 users found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
