Probate is a court supervised process of authenticating a last Will. Typically, probate starts when the Will maker dies. The process involve locating the decedent estate properties, notifying the deceased creditors and paying off debts as well as taxes, and lastly distributing what the reminder of the estate to named beneficiaries. As opposed to popular notions, probate still takes effect whether you leave behind a Will or not. The only difference is the way it is done. Probate process in situation where the deceased has no estate document or Will is through intestacy administration.
Here is a general overview of a probate process:
Initiating a probate petition.
The first step to a probate process is notifying the court of the Will the decedent left behind and requesting that a hearing should be made to implement the estate document. The court on receiving the petition validate if truly the named decedent is death and then confirm is the Will is valid. Typically, the sitting judge may call for a court hearing with beneficiaries named in the document and also the heirs of decedent to be attendance.
The hearing usually allow the beneficiaries air their opinion about the submitted estate document. Also the judge can ask questions relating the validity of the Will. Perhaps, the heirs of the decedent may object to some of the statement in the Will such as the executor or the named beneficiaries; the complains will be received. At the end of the hearing the court will determine is the estate document is the created and signed by the decedent.
Appointing an estate executor.
After the hearing, the court will appointed an executor to oversee the process of the probate. At times, the court will just stick to the already named executor as directed by the deceased in the last Will. The executor will be charged with the duty of settling the estate. To signal the start of the appointment, the executor will be issues a letter of administration to operate on behalf of the estate.
Locating the decedent’s estate properties.
This include bank accounts, retirement and investment accounts, estate properties, personal belongings, real estate and so on. This could be a very daunting task for the executor as the deceased may have properties in several state and even close relatives having little knowledge about it. The executor must find these assets, relating documents attached to them and ensure their proper protection.
Identifying the decedent creditors.
After locating the deceased’s assets and determining their date of death, the executor will notifying the decedent’s creditor of the death. Typically, letter are sent out to listed creditors and time duration given to them to make claims on the estate properties and amount owed by the deceased. The executor will ensure that only valid claims and loans are repaid and invalid creditor claims rebuffed.
After this process, the court gives the executor to the nod to distribute the remaining estate properties to named beneficiaries.
The nature of an estate plan, sometimes makes it complicated planning or creating estate document all by yourself, you may need the help of an estate planning attorney when planning your estate. An estate planning attorney is an expert in the estate planning process. You stand to benefit a lot if you contact one when planning your estate. They are experienced, familiar with loopholes in the estate planning process, they know the court processes well, have important resources at their disposal, and can offer you the best advice when you need one.
Estate planning mistakes exist. Sometimes these mistakes alter the intent of the estate owner regarding his or her estate. The main purpose of an estate plan is to mirror the wishes or intentions of the estate owner; an estate plan that doesn’t do this has failed. To avoid unnecessary mistakes it is best you contact a professional. Contact us, and we will provide you with the best New York estate planning attorney for your estate plan.
Contact an estate planning near you today.
Simple mistakes can ruin estate plans, lead to loss of property or financial benefit. You need an expert capable of making suitable and approbation estate plans and documents. Contact our estate planning attorney, 11226, New York today. Our attorney will guide you through the process of creating an estate plan.
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