Last Will and Testament.
There are several people out there who don’t know the importance of drafting a will; the few who are aware lack the knowledge required to plan an estate. Planning an estate is quite important, especially if you don’t want your assets to be distributed in a way you don’t like. In planning an estate, you’ll need the help of an attorney to guide you through the process. If you die without drafting a will, your assets will be shared on the terms of the state government of where you reside. This is something you certainly don’t want to happen. But if you draft a will before you kick the bucket, your properties or assets will be shared according to your wishes. You will rest in peace knowing that your assets and properties are left I n the care of your family and loved ones.
Probate
The New York probate process is not as easy as it seems. This process can be quite challenging and tricky, particularly when things like family conflicts and taxes are involved. Well, though the probate process can be tough and tricky, with a good probate attorney, you will get through the process without much difficulty and headache.
Is probate important?
Probate is required for assets that are owned by the deceased; that is, assets that have no beneficiaries attached to them. These assets may be bank accounts, houses and automobiles, antiques, etc.
Administration of small estate
In Ney York, estates with value of more than $3,000 may undergo the probate process. While estates that are valued at a price less than $3,000 is often regarded as “small”. Small estates will be disposed by a process which is regarded as small estate administration.
What are subject to the probate process?
An estate without a will is not probated, rather, it is administered. Also, assets such as the proceeds of an insurance policy, retirement accounts, such as a 401k and IRA, including other types of account that has a beneficiary name attached to it, won’t undergo the probate process. During the probate process, the designated executor will file a petition in Surrogate’s court along with the original copy of your statement or will. The petition will include information such as the date of death, the name of the designated beneficiaries, heirs-at-law (in case the will isn’t authentic), including an overall appraisal of the estate. All interested parties such as beneficiaries and heirs-at-law, will be informed of the probate proceeding.
When probate may not be necessary.
In New York, there are cases when probate will not be done. If the person leaves all his assets in a living trust and not a will, then probate will not be done. Also, estates valuing less than $30,000 do not qualify for probate. They will be disposed through a simpler system known as a “small estate administration.” Also, Insurance proceeds, retirement accounts, accounts with POD clause, and jointly held assets will not pass through the probate court, but will go directly to the beneficiary named in the asset documentation.
Should I handle probate alone?
If you are an executor or estate administrator, you have to understand that there are a lot of legalities surrounding probating an estate in New York. If the estate is simple and the family is cordial, then you probably can handle probate yourself. But for complex estates and those in which the surviving family members are at each other’s throats, you definitely would need the assistance of a probate attorney because there is a high possibility of estate litigation cases and suits being filed. Such issues complicate probate all the more, and only an experienced probate attorney can help mitigate such issues.
Contact the Best Probate attorney near you today – 10018.
A probate attorney is pivotal to making well informed decisions that would definitely result into resolving any probate issues as well as making solid estate plans. Consulting our probate attorney would ensure all appropriate formalities are with proper protocol. With this, you stand at better chances of winning any legal probate matters and achieving your goals of estate plans with adequate execution. With the wellbeing of you and your loved ones at risk and safety of your assets in question, is preparing estate plans yourself worth the risk? Why not Contact our best probate attorney 10018.