Probate refers to the legal process that an executor goes through in order to settle a deceased person’s Estate & Probate Law At 3 NYC Locations. If there is no will, this includes probating the will and distributing assets according to the rules of intestacy.
Is Probate Necessary?
Probate assets are generally those that are owned solely by the deceased. They do not have a beneficiary designation so they can pass to Aminov Estate & Probate Lawyers Of Queens another person through law. This includes individuals bank accounts, solely-owned homes, cars and jewelry as well as cash and art.
These assets are not subject to probate:
- Trust assets
- Bank accounts with a named beneficiary
- Retirement accounts such as a 401k or IRA
- Life insurance policies that have a named beneficiary
- Savings, checking and brokerage accounts jointly held
- Real property jointly held
The estate is small. If the estate is small, New York can file a small estate proceeding or voluntary administration proceeding as an alternative to probate.
There are no probate assets. There is no probate process if the estate of a person is entirely made up of non-probate assets.
To avoid probate, the Queens, NYC Estate & Probate Lawyer Explains Death With Or Without A Will plan was designed. People with moderately high net worth will often make efforts to avoid probate in order to reduce the burden on their heirs.
What is the Probate Process?
There are several steps involved in probate:
The probate petition must be filed. The executor must file the probate petition along with the original will and a certified duplicate of the death certificate. The estate’s size will determine the filing fee.
Notify. Notify creditors and beneficiaries.
Inspecting the property. The executor must take possession of the estate and have them appraised if necessary.
Repaying any outstanding taxes and debts. This includes home equity loans, mortgage payments, income taxes, property taxes, as well as other accounts. Assets may have to be sold if the estate doesn’t have enough cash to pay the obligations.
The will or state intestacy laws direct the distribution of the property. In the probate petition, the distributees are the legal term for the heirs of the estate. A notice is served to them, also known as a citation. This obligates them to submit to the Surrogate’s Court.
What do I need to know about a probate attorney?
There are many factors that affect the time it takes to complete probate. Probate can be completed in as little as three to six months if all heirs are found, the will is not contested, there are no appraisals required, and debts are resolved. Probate can take many years in more complicated cases, particularly those that involve a contested will.
Although a probate attorney is not required by New York law, legal assistance can help to save time and money. It will ensure that all paperwork is properly completed and that everyone who has an interest in the estate receives required notifications. A probate attorney who is familiar with New York State civil practice rules and estate litigation can assist the executor in resolving any disputes.