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Sponsors
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History
- Print number 8457a
- Amend and recommit to judiciary
- Referred to judiciary
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Increases the maximum value of a small estate from $30,000 to $100,000
Senate Floor Calendar · Sponsor Owen H. Johnson
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A8457A
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, 2011.
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 enti- tled "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 possi- ble 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, 2011,
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.