Queens, NY asked in Probate for New York

Q: Does priority debt come first in terms of sold property?

If a co op of a deceased persons estate is the type of co op which can only be handed back to the company and one can not sell it themselves or rent it themselves. Will the company be forced by the law to release all funds gotten from sale and allow the debts of the estate to be paid in order of priority starting from the funeral expenses before their own debt( past maintenance fees) is paid or are they allowed to deduct their money owed from the sale of the property immediately they sell.

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1 Lawyer Answer
Michael David Siegel
Michael David Siegel
  • Probate Lawyer
  • New York, NY
  • Licensed in New York

A: You will need to get Voluntary Letters of Administration to collect this asset, unless there is more to the estate. The funeral must be paid by someone, who will get reimbursed by the administrator.

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