When A Person Dies, Are his Assets all “Frozen” and Unavailable to the Family?
In the overwhelming number of cases involving joint and survivorship assets between the decedent and family members, funds are immediately available to the survivors without court approval. However, assets in the name of the decedent alone may not be used until an executor or administrator is appointed, which, in most cases, takes only one to two weeks. (In an emergency, the Court can provide immediate relief.) Thereafter, such assets may be used to pay proper debts and expenses. A family car may be used immediately with permission of the Court. In addition, if all the heirs consent, an estate can be opened in a single day so that the estate’s funds can be accessed without delay. Even though these assets may be available immediately to the family, with or without court action, they still must be properly accounted for so that the claims of creditors and the State Tax Department are properly handled.
