Do you want to know whether you will have to undergo probate now that your loved one has passed and leaves a last will behind? The first question that a reasonable probate attorney will ask you is whether there was a trust set up or just a Will. If there was just a Will, the answer is, yes, you will have to go through probate! Please keep in mind the time frame and costs associated with probate can vary from county to county and state to state, and the process and laws governing the process.
The value of the estate plays a vital role in this. For example, estates with a total asset value under $50,000 in New York are not subject to an entire proceeding and can file small estate forms. This article will help educate you on the importance of probate. You will understand the significance 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
There seems to be a lot of confusion and misunderstandings when it comes to probate. Probate is defined as the process or a legal procedure that provides a beneficiary some legal authority to ownership over the assets or power to take care of the deceased person’s affairs. 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 the original Will and Death Certificate. It is essential to remember not to remove any staples from the original Will as this may disqualify it. Please do so without eliminating staples if you need to make copies for your records. When obtaining the death certificate, ask for multiple originals as you may need them during the process. Mistakes can delay or complicate the process when filling out the necessary paperwork for filing.
Typically, within the Will, the deceased has named a person or people they wish to become the executors of the Will. Just because you are called an executor doesn’t mean that you must undertake the role. You can step away from the part, allowing another family member to take your place. An executor assumes a fiduciary position and is responsible for making sure all debts and taxes are paid off before dispersing any of the assets held by the estate.
Creating a list of assets is a Very Important Factor.
When you want to establish the requirement of a proper Probate, it is essential to ensure that you make a detailed and critical list of the things or assets owned by the deceased. Then you will have to find out some other essential details. These are the details that will provide you with some information about the ownership of the estate, such as how the apartment or house was deeded. Were the assets named under the deceased’s sole name, or were there some joint names? The help which has joint names can have tenants who are in common. This is important as it will give you a better understanding of the estate’s value.
As we discussed before, if the total assets in the estate are under $50,000, you can avoid an entire proceeding and need only to file paperwork for small estates. They are knowing how properties are deeded plays a significant role as they might be outside of probate and pass directly to the tenant in common. For example, a married couple has two kids, and one spouse passes away. 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 to tenants in common and both the deceased and spouse’s name are on the deed, then the house passes directly to the spouse and isn’t considered 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 and what is considered part of the estate. If you are reading this and wish to consult with an experienced attorney, we offer free consultations. It is also important to remember that it is possible to plan to avoid probate altogether. Probate can be time-consuming and costly planning ahead can save you time and money.
One of the most common questions that people tend to have after the passing of a loved one is, do we need to probate the estate? Of course, we all know that the probate process begins when a will is submitted to the court regarding the payment of bills and taxes. And the estate is transferred to the beneficiaries and the heirs. With the probating of a New York will, the heirs and beneficiaries will be able to ensure that they have the legal right to the deceased’s property, as mentioned in the last choice created by the dead.
In a city like New York, there are some things that people need to know about the Probate process 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?
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 decreased, and the executor has provided a will to the court along with other vital documents that would support the determination of the estate and the division of it well. Then, with the help of the Probate process, the estate and all the assets of the deceased. Then, after paying for the funeral expenses, taxes, and bills, which will be divided amongst the people who are considered to be the beneficiaries of the heirs.
Steps of the Probate Process
To understand the importance of Probate in New York, people need to know how the entire thing works. So, here we will provide you with some steps to understand better what you’re doing.
After obtaining the deceased person’s death certificate, the executor will be able to start the process by submitting the will to the court. The beneficiaries will be notified about the choice and also about the process. At this point, all potential heirs/beneficiaries will have the opportunity to review the deceased’s last wishes to determine whether or not they seem true to their nature or are part of a family member’s attempt to produce a fake Will for their benefit. If you believe there is any foul play at this point, you will be able to contest the will and raise any issues.
The creditors are informed about the deceased person’s estate, and they can make their claims that the executor will be paying from the assets of the person who is dead. This might also permit the personal administrator or the executor to make sure that they can sell the assets to provide for the creditors’ claims. After paying all the bills, expenses, and the creditors’ claims, the remaining property will be divided into parts and provided to the beneficiaries. As stated in the will, the heirs of the property are the deceased.
In New York, Probate is only necessary when someone passes with the last will in place. Probate, at times, is confused with an administrative proceeding which is similar in the process but only takes place when someone dies without a will or trust in business. Probate can be avoided by setting up a trust and moving all assets into the trust during your lifetime.