Make plans ahead.
Through proper estate document, you can make your wishes a reality, properly implemented without hindrances. Living trust, last will, advance medical directives are some of the estate documents that would become a necessity before you die. It is rather unfortunate that most individual wait so long without an estate plan and consequently they die living there families in turmoil. More so, others who decides to make an estate plan do so without proper consideration and guide of estate lawyer. The documents containing lots of errors and inclusions different from what New York state laws allow on estate plans. As such this estate plan documents are faced with lots of probate issues. Probate of a will usually take a while to settle Even when finally settled, different plans might be imposed by the probate court. A right and properly created estate plan document would prevent probate. Contact a probate or estate planning attorney today.
A last will is open to probate.
A will is simply a legal document that holds the wish of the decedent. This document contains important information like the name of the estate executor, the names of all beneficiaries including the portion of the estate, assigned to them, etc. An estate executor or estate administrator is an individual chosen by the estate owner to act on his or her behalf after death. It is the duty of the estate executor to handle the probate process on behalf of the estate owner and the beneficiaries.
Reasons why last will is subjected to probate.
- The decedent or the will creator is no longer alive.
Since estate document cannot speak for itself, the maker is required to defend the statement made in the document. However, as in case of a last will, the decedent would only leave the will behind to be validated by the probate court. Although, a probate attorney, in some case an executor or personal representative will stand in and defend the interest of the will maker, the document still needs to go through probate process.
- The decedent owed debt that needs to be paid.
One of the major step in probate is paying up all debt owed by the deceased. In some instances part of the estate is sold to get enough funds to pay large debts. Also, estate that are taxable under state or federal estate taxes are addressed in probate processes. 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.
- Dissatisfaction among Will beneficiaries.
Typically, Will contest are initiated in probate court based off that, the decedent was coerced to writing the Will the way he/she did, the will was not created with proper formalities of creating estate documents in New York, or the decedent created the Will with influence of a named beneficiary. Will contest is perhaps one of the most prevalent causes of long probate durations. Parties who are beneficiaries of a decedent properties may feel cheated or left out in the statement of the will. As such they may decide to petition the court on the authenticity of the Will.
Bottom line
- The executor or estate representative would usually act in manner that would have been pleasing to the deceased. Following the desires and wishes of the deceased as stated in the last will.
- Part of estate may be 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.
- 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.
- The probate process could be long or short depending on the complexity of the cases surrounding the will.
- A probate attorney is vital to quick settlement of the probate process.
- Proper estate plan would typically quicken probate process. Estate document such as living trust, power of attorney could be used with a last will.
Contact a probate attorney closest to you today.
If you stay in New York, you can contact the closest probate attorney to you. Probate processes can be swift and easy depending on how the cases are handled. With a professional probate attorney, the toughest of probates cases can be easily resolved. Contact a probate attorney closest to you today.