It is the wish of all estate beneficiaries and executor to escape the probate process because it is costly, time-consuming, and quite stressful. Lots of the estate proceedings goes into the payment of court fees, huge estate taxes, and hiring a good probate attorney. Also, the probate process can go on for a very long time. Regardless of if you prepared an estate plan or not, your estate will still undergo the probate process. You can only escape probate if you create a trust.
A trust is the ideal way to transfer ones assets to a beneficiary without it undergoing the probate process. You escape the huge taxes that comes with the probate process and you also save money you would have spent on court fees and hiring a probate attorney.
Probate can be viewed in a few angles. Probate can be viewed as a legal process carried out to determine the validity of a will, or it is a process done to determine the properties of a deceased, or it is a process done to settle the unpaid taxes and debts of the deceased, etc.
Since the probate process is done in the local court, it usually involve the submission of many paperwork by the estate executor and court appearances by attorneys. If perhaps you failed to state an estate executor in your will, or if you didn’t create a will while alive, an estate executor will be chosen by the court and he or she will be regarded as the estate administrator.
Who is an Estate Executor/ Administrator?
During the probate process, it is the duty of the estate executor to appear before the court with proof that the will of the deceased is authentic. It is also the duty of an estate executor to tender all necessary paperwork to the probate court to kick-start the probate process which can last for a few months to a year deepening on the circumstances surrounding the estate of the deceased.
An estate executor is an individual selected by the estate owner to act as his or her representative. The estate executor will need approval from the probate court before he or she can begin work. It is the duty of the estate executor to:
- Locate all unpaid taxes and debts of the deceased
- To manage the estate of the deceased while the probate process is on
- Distribute the assets of the deceased as stated in the will
- Appear in court for the probate process.
If for instance, you die and left lots of unpaid debts, your executor may decide to sell some of your assets to repay the debt.
Who is in Charge of the Probate Process?
In most cases, it is the duty of your estate executor to handle the probate process. If you die without writing a will, the probate court will select someone from your family to take the job of your estate administrator. This person is normally a very close relative or someone who inherits a large portion of your estate.
In situations when a formal probate proceeding isn’t required, the probate court won’t select an estate administrator, rather, an acquaintance or a relative acts as an informal estate rep. This individual is often selected by your family and friends. It is also not unusual for lots of people to take the responsibility of settling debts, sharing assets to the designated beneficiaries, etc.
When making that decision to select an estate executor, ensure that you go for someone you can trust to get the job done.
Why should you make plans to avoid Probate?
The probate process isn’t in any way beneficial to your beneficiaries. It is quite expensive and the process takes time. People often plan their estate to avoid this process because they know how hard it can be. You wouldn’t want to die with the thought of your family and loved ones struggling to inherit your assets.
The only situation where this process makes sense is when your estate has complex issues, like multiple debts that can’t be settled from the proceedings of your estate.
Probate Attorney New York
A probate attorney in New York is quite conversant with the New York probate law and process and can assist with the probate process. If you need a competent probate lawyer for your case, contact us.