Increases the maximum value of a small estate from $30,000 to $100,000.
BILL NUMBER: S4421
TITLE OF BILL : An act to amend the surrogate's court procedure act, in relation to increasing the value of a small estate
PURPOSE : To increase the gross value of a small estate from $30,000 to $100,000.
SUMMARY OF PROVISIONS : Section one of the bill increases the threshold of a small estate from $30,000 to $100,000.
Section two of the bill creates an effective date of January 1, 2010.
EXISTING LAW : A small estate is defined as the estate of a domiciliary or a non-domiciliary who dies leaving personal property having a gross value of $30,000 or less.
JUSTIFICATION : Article 13 of the Surrogates Court Procedure Act entitled "Settlement of Small Estates Without Court Administration" was enacted in 1963 to allow simplified administration of estates with assets that were minimal but could not pass entirely without court supervision. The purpose of the statute was to avoid as often as possible the necessity of probate proceeding in a small estate. This bill recognizes the change in economic times and would increase the size of an estate that could be administered as a "small estate" from $30,000 to $100,000.
LEGISLATIVE HISTORY : Chapter 300 of the Laws of 2008 increased the maximum eligible value to $30,000 from $20,000.
FISCAL IMPLICATIONS : Unknown.
EFFECTIVE DATE : This act shall take effect January 1, 2010.
STATE OF NEW YORK ________________________________________________________________________ 4421 2009-2010 Regular Sessions IN SENATE April 23, 2009 ___________Introduced by Sen. O. JOHNSON -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the surrogate's court procedure act, in relation to increasing the value of a small estate THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 1301 of the surrogate's court procedure act, as amended by chapter 300 of the laws of 2008, is amended to read as follows: 1. A small estate is the estate of a domiciliary or a non-domiciliary who dies leaving personal property having a gross value of
[$30,000]$100,000 or less exclusive of property required to be set off under EPTL 5-3.1 (a) (1), (2), (3), (4) and (5). S 2. This act shall take effect January 1, 2010.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06098-01-9