12/08/2019
SMALL ESTATE VALUE INCREASED TO $50K
"In New York, it can be prohibitively expensive to administer a low-value
estate, with attorney costs and court fees often costing thousands of
dollars. Under NYS law, those administering "small estates" - estates
with a gross value of $50,000 or less - have the ability to avoid these
relative substantial monetary costs through a $1 "do-it-yourself"
program (no lawyer, no fees, etc.) available through the court. However,
this estate gross value cap was set nearly two decades ago and is no
longer reflective of contemporary real estate and assets values of lower
and middle-class people in New York; other states have subsequently
raised their caps. By raising the cap to $50,000, this bill would both
allow more lower and middle class New Yorkers access to this important
program and put New York in line with contemporary state practices on
this issue, such as California where a small estate is $150,000."
APPROVED AND EFFECTIVE NOVEMBER 25, 2019
https://www.nysenate.gov/legislation/bills/2019/s4951/amendment/a