Most residents of New York always try as much as possible to avoid the probate process just to keep away from the stress and how much time it takes to complete the probate process. On the other hand, there are some people who are ready to go through the entire probate process and if you’re one of those individuals, then there are lots of things you should know.
Just before we go deep into all that is to be noted before filing a probate in New York, let’s talk about what a probate is and other things related to it.
What is a probate?
This is referred to as a legal document that is supposed to give you permission to handle and settle the affairs of the estate that belonged to a deceased loved one. After the death of a loved one, his or her properties, assets and other items left behind is what we call an estate. You wouldn’t want to allow the estate of your loved one just lying around useless, you need to deal with the estate and this is where a probate comes in.
Is filing a probate necessary in New York?
Most people feel a grant of probate is not so necessary for them to be able to handle the estate of their loved one and this is something that cannot be concluded until several factors are looked into. An answer to this question in particular would be based on several factors, some of which are as follows:
- The value of the estate you’re about to deal with
- How urgent the assets in the estate are needed
- Presence of designated beneficiaries
- If the deceased had TOD (Transfer On Death) accounts or not
- If the deceased had POD (Pay On Death) accounts
There are lots of many other factors but the ones listed above are some of the most notable things that an individual should consider before filing a probate.
Filing a probate in New York
As I said earlier, to file a probate in New York is just similar to how it would be done in other states but it only has a few changes attached to it. So as an individual who wants to file a probate in New York, how do you go about it?
1. Determine if you want to go through an informal or formal probate process:
If you know that there are no precise and full details concerning the validity of a deceased’s Will, then as a probate lawyer or as an executor of that Will, you’re expected to go through a formal probate estate process. Alternatively, if you want to go through the informal probate process, all you need is the valid identification of the heirs and even without a will, you can still file for that probate.
Most residents of N.Y. prefer the informal probate process since it doesn’t take much time, it’s affordable and can be done without a will.
2. Get a probate lawyer:
Many people find the probate process in New York a bit complex and for this reason, they begin to search for probate attorneys who would help them out. Incase you’re wondering who a probate lawyer is, he or she is a state-licensed attorney that can be hired to assist and accompany an executor, beneficiary or administrator through the probate process form start to finish.
The help in settling the affairs of an estate and before you hire one, make sure he or she is qualified, experienced and devoted towards finishing the affairs of an estate.
3. Settling the probate fees:
After hiring a probate attorney, he or she should help you with filling a probate application either online or through a paper form. A probate fee would then be required to be paid but before you let anyone extort you, here is what you should know about the average probate fees in New York.
- $45 for an estate worth less than $10,000
- $75 for an estate worth less than $20,000
- $215 for an estate worth less than $50,000
- $280 for an estate worth less than $100,000
Note that the list fees listed above is subjected to changes and can vary as time goes on.
Need an estate planning attorney?
If you want to plan your estate, and you need the services of an experienced estate planning attorney, please, don’t hesitate to contact us. Also, if you need help with updating your estate plan, you can contact our office as well. We boast of competent estate planning attorney who can help in creating an estate plan that suits your needs.