The value of the estate plays a very important role in this. For example, estates with a total asset value under $50,000 in New York are not subject to a full proceeding and can simply file small estate forms. This article will help educate you on the importance of Probate You will be able to understand the importance of Probate and how it is essential with or without the will. Read on ahead to find out more.

Importance of a Probate of the Will

When it comes to Probate there seem to be a lot of confusion and misunderstandings. Probate is basically defined as the process or a legal procedure which provides a beneficiary some legal authority to ownership over the assets or authority to take care of the affairs of the person who is deceased. Typically, it is best to have an experienced attorney helping you file the necessary documents for Probate. Probate is a time-consuming process and can come with complications caused by family disagreements. The first thing you need to know is that you will need an original of the Will and Death Certificate. It is very important to remember not to remove any staples from the original Will as this may disqualify it. If you need to make copies for your records, please do so without removing staples. When obtaining the death certificate ask for multiple originals as you may need them during the process. Mistakes when filling out the paperwork needed for filing can delay or complicate the process.

Typically, within the Will the deceased has named a person or people they wish to become the executers of the Will. Just because you are named an executor doesn’t mean that you must undertake the roll. You can step away from the roll allowing another family member to take your place. An executor assumes a fiduciary roll and is responsible to make sure all debts and taxes are paid off prior to dispersing any of the assets held by the estate.

Creating a list of assets is Very Important Factor

When you want to establish the requirement of a proper Probate, it is important to ensure that you make a detailed and essential list of the things or assets that were owned by the deceased. Then you will have to find out some other important details. These are the details which are going to provide you with some information about the ownership of the estate such as how the apartment or house were deeded. Were the assets named under the deceased’s sole name or were there some joint names as well? The assets which have joint names can have tenants who are in common. This is important as it will give you a better understanding of the value of the estate.

As we discussed before if the total assets in the estate are under $50,000 you can avoid a full proceeding and need only to file paperwork for small estates. Knowing how properties are deeded play a major roll as they might be outside of probate and pass directly to the tenant in common. For example, a married couple having two kids and one spouses passes away. Let’s say the deceased leaves a Will behind leaving all their assets in equal shares to the spouse and the surviving children. If the house is deeded tenants in common and both the deceased and spouses name are on the deed, then the house passes directly to the spouse and isn’t considered as part of the estate nor does it have to undergo probate.

As you can see there are a lot of factors to determine whether or not you will have to Probate a Will to gain access to the estate as well as what is considered as part of the estate. If you are reading this an you wish to consult with an experienced attorney, we offer free consultations. It is also important to remember that it is possible to plan ahead in order to avoid Probate all together. Probate can be time consuming and costly planning ahead can save you time and money. Call us today and let us help you!

The post Is Probate Required if There is a Will? appeared first on Estate planning Brooklyn.

In a city like New York, there are some things that people need to know about the Probate process in order to make sure that the process goes smoothly. So, here we are going to provide you with some answers.

When Is Probate necessary in New York?

To be honest, every single state has a different rule for the Probate process. In the case of New York, Probate is essential when the person owning the estate has deceased and the executor has provided a will to court along with other important documents that would support the determination of the estate and the division of it as well. With the help of the Probate process, the estate and all the assets of the deceased which remain after paying for the funeral expenses, taxes and bills will be divided amongst the people who are considered to be the beneficiaries and the heirs.

Steps of the Probate Process

In order to understand the importance of Probate in New York, it is important for people to understand how the entire thing works. So, here we are going to provide you with some steps so that you can have a better idea of what you’re in for.

Step 1

After obtaining the death certificate of the person who is deceased, the executor will be able to start the process by submitting the will to the court. The beneficiaries will be notified about the will and testament and also about the process. At this point in time all potential heirs/beneficiaries will have the opportunity to review the last wishes of the deceased to determine whether or not they seem true to their nature or are part of a family members attempt to produce a fake Will for their own benefit. If you believe there is any foul play at this point in time you will be able to contest the Will and raise any issues.

Step 2

The creditors are informed about the estate of the deceased person and they can make their claims that the executor will be paying from the assets of the person who is deceased. This might also permit the personal administrator or the executor to make sure that they can sell the assets in order to provide for the claims that have been made by the creditors. After paying all the bills and the expenses along with the claims of the creditors, the property which is remaining will be divided into parts and provided to the beneficiaries and the heirs of the property as stated in the Will be the deceased.

Conclusion

In the state of New York Probate is only necessary when someone passes with a last will and testament in place. Probate at times is confused with an administrative proceeding which is similar in process but only takes place when someone passes without a will or trust in place. Probate can be avoided by setting up a trust and moving all assets into the trust during your life time. To speak with an experience lawyer about probating a loved one’s estate or about creating an estate plan in order to avoid probate call our office today.

The post When is Probate Necessary in New York? appeared first on Estate planning Brooklyn.