Article: A Proposal to Modernize Small Estate Law in New York

The NYSBA Trusts and Estates Law Section approved the proposed Who May Become a Voluntary Administrator Act in January of 2025. The proposal would modernize the procedures for a decedent’s small estate by providing that the implicit and explicit fiduciary preferences of those who die with property of a small value be treated the same way as the preferences of those who die with more valuable property, while giving their beneficiaries access to a quick and low-cost summary proceeding to settle those small estates.

Here is a link to the proposal.