Detailed Answer
In New York, a “year’s allowance” (also called a family allowance) provides funds for the decedent’s spouse or dependents from the estate. Under Estates, Powers & Trusts Law (EPTL) §5-1.1 and Surrogate’s Court Procedure Act (SCPA) §1504, the personal representative can advance up to $50,000 for maintenance and support. When you apply to the court for an allowance, your petition must include a clear statement of assets and their values. The court uses this information to ensure the estate can cover the allowance without jeopardizing other liabilities.
Independent of the allowance petition, New York law requires personal representatives to file a full inventory of estate assets—real and personal—within nine months of appointment. SCPA §207 mandates listing cash, bank accounts, stocks, vehicles, jewelry, and other personal property with values at the date of death. You can link to the inventory statute here: SCPA §207.
If you file a family allowance petition under SCPA §1504, attach the inventory or include a summary of personal property items and valuations. Courts rely on these figures to set a fair allowance. If the estate has minimal personal assets, you can note that in your petition. The court may then grant a reduced allowance or order a specific asset sale to fund the allowance. See SCPA §1504: SCPA §1504.
In contrast, when a personal representative makes an allowance under EPTL §5-1.1 without court intervention, state law does not explicitly require you to list each item of personal property in the allowance petition. However, best practice calls for documenting major assets. That record helps you track distributions and defends against creditor claims. For reference: EPTL §5-1.1.
Helpful Hints
- Gather bank statements, brokerage records, and appraisal reports before listing assets.
- Consult the full inventory rules under SCPA §207 to avoid missing categories of personal property.
- Check deadlines: file your inventory within nine months of appointment and your allowance petition promptly.
- Keep copies of all paperwork for your records and potential Surrogate’s Court review.
- Consider meeting with a New York Surrogate’s Court clerk for guidance on local procedures.
Disclaimer: This article is for informational purposes and does not constitute legal advice. Consult a qualified attorney to address your specific situation.