The probate process is a little different in the City of New York. In New York, probate will only take place on your will if they are worth $30,000 or more than. Before such a will becomes effective legally, it must be probated by a court (surrogate) situated in the country where the individual kicked the bucket.
In New York, for a will to be valid, it must be signed in the presence of a minimum of two witnesses and each of these witnesses must sign in the presence of each other. Also, a valid will has to be well written, it should also contain (accurately) the wishes of the estate owner.
Estate planning is very important. There are people out there who don’t know how significant estate planning is. Dying without an estate plan can be one of the biggest mistakes you will ever make because you won’t have a say regarding how your assets will be managed or distributed, neither will your loved ones. Your property will be shared according to the intestate law of New York.
Probate Attorney New York
Because the probate process can be quite complicated, an estate executor may require the help of a probate attorney. A good probate attorney can assist you with the probate process, thus making it less stressful than it is generally known to be. A probate attorney boast of not just the experience, but the expertise, and resources to ensure that all goes well with your estate.
During a difficult time like the probate process, you need someone that knows the system inside out, someone that can tell you what to expect and what you need to do when confused. A probate attorney can also help in the preparation of an estate plan. So if you have been named as the executor of an estate or you need assistance for that estate plan of yours, you can contact our qualified probate attorneys.
Here is what a probate attorney would do you.
- The probate attorney would act as executor of the will
Typically, the deceased would have named a preferred executor to oversee the estate. The individual could be probate or estate attorney, a surviving child or relative. The court does ahead and issue a document known as a letter of authority to the executor, signaling that they have they can act and take certain decision towards implementing the will. A probate attorney can act as an estate executor.
- Filing tax returns
The tax return on the deceased estate must be calculated and recorded to determine if the estate is liable to estate taxes. This usually applies to the first nine months after the death of the deceased. Once determined, the executor proceeds to paying the taxes from funds obtained on the estate.
Note: the date of death value of the deceased assets must be obtained through either bank statements or appraisal and submitted to the court. Most state just like the New York require the executor of the estate to itemize all the decedent’s assets and properties along with the date of death values.
- Locating assets named by the deceased in the will.
The deceased may have assets in states other than New York, even unknown to his families or children. It is the duty of the executor or probate attorney to locate each estate properties. Although, this might take some little detective work and lot of time, a probate attorney can help through the process. Furthermore documents relating of bank accounts, share and other financial, investment accounts to be given to named beneficiaries must be obtained.
- Distribute assets properties to named beneficiaries.
The probate attorney having completed the necessary steps in probating a will would petition the court for permission to distribute the estate. At this point, the attorney should be ready to provide the full details of all expenses and what as sped from the assets during the entire probate process. However, this could be signaled as unnecessary if the estate beneficiaries are okay with all transactions.
It is important to note some of the estate might have been sold or used to raise funds to pay off debts, creditors, taxes and expenses incurred during probate. Thus, the probate attorney or executor proceeds to sharing the remaining estate.