Estate Planning
Estate planning is important for everyone especially those who prioritize the financial security of their family and loved ones. An estate plan is a plan made to facilitate the distribution and management of your estate after your death or incapacitation. Such plans are usually made when one is alive and it is then implemented upon the death or incapacitation of the individual.
Anyone who dies without an estate plan will have his or her estate planned by the government of New York according to the interstate laws of the state. This process isn’t always straightforward.
Will
A well prepared estate plan isn’t fully complete without a will. This legal document is what holds crucial information regarding the beneficiaries, the assets of the deceased, the estate executor, etc.
A will is that document that expresses your wishes regarding your estate. If you want your spouse to inherit your house after your death, state it in your will. A will also covers the burial arraignments of the deceased.
After the demise of the estate owner, his or her will undergoes probate. This process has to be completed for the assets of the deceased to be transferred to the designated beneficiaries.
Probate in New York
Probate process differs in each state in the US. For instance, the state of New York has its own probate laws that guides the probate process, so do other states. In New York, and other cities, the assets of a deceased can’t be transferred to the designated beneficiaries until probate has been done.
Probate is usually carried out in a surrogate court with the attendance of a Judge and the estate executor who is to handle the probate process on behalf of the beneficiates.
Preventing probate after your demise
Probate can be a very expensive, difficult and complicated process which is why a competent lawyer anywhere will advise that you plan an estate that is free of this process.
Without probate, your assets cannot be transferred to the designated beneficiaries. Assets placed under a trust don’t usually undergo probate. If you need more information regarding how to create a trust, you can contact our probate attorney.
What can stall probate?
People fear probate, probably because the process can be quite complicated and long. After the death of an estate owner, it is the wish of the estate beneficiaries to receive their entitlement without having to wait for too long. The probate process can destroy this wish, though this depends on the following factors.
The estate executor you choose
An estate executor has many jobs but one of the primary duty of an estate executor is to supervise the probate process. This process comprises of several tasks that requires wisdom, understanding and professionalism. The duty to select an estate executor always falls on the owner of the estate. If peradventure you failed to select an estate executor in your will, or you don’t have a will, an estate administrator will be chosen by the probate court.
If you end up choosing an estate executor who lacks the professionalism to handle a process as intricate as the probate process, your assets may spend several months- or worse- years in probate. To prevent this from happening, ensure that you select the best person for this job. If you have the intention of selecting an attorney as your estate executor, you can contact our probate attorney 11412, New York.
Complicated estate properties
One thing that could prolong the probate process is the circumstances surrounding your estate properties. Generally, the probate process of a little estate needs some documents including an estate affidavit to transfer assets of the deceased to the designated beneficiaries. States such as New York have limits and requirements for estate to be little for an easy probate process. Estate plans like this requires little assets. But, estates with several houses, joint family business, offshore accounts, several bank accounts, etc., will drag the probate process. Such estate require a thorough probate process to ensure that errors aren’t made and only the designated beneficiaries receives the right share of the deceased’s estate.
If you or your family need the assistance of a probate attorney, you can contact our probate attorney closest to you for advice and assistance.