For residents of New York City, the probate process is something that most of them feel is stressful and may waste much of their time. This is also one of the main reasons why they just decide to avoid the entire process in order to save themselves the time and effort.
As for those of you that are ready to go through the whole process, you’re not supposed to jump into conclusions or make assumptions concerning how long it actually takes to complete the probate process. This article will help you know the time it takes to get your grant of probate but before we go further, let’s talk about the whole concept surrounding probate.
What do we call a probate?
A legal document that is supposed to give an individual the permission to handle and settle the affairs of the estate that belonged to a deceased loved one, is what we refer to as a probate. An estate is actually the assets, properties and other items left behind by a deceased person and for you to be able to do anything with the estate, you would need a probate.
With a grant of probate, you are permitted to distribute assets, sell properties, close accounts and also prove to the Land Registry, banks and other organizations that you have the authority to deal with an individual’s estate according to his or her Will.
How necessary is a probate in New York City?
Before you begin to conclude on wether you need a probate or note, there are several things that must be considered first and most times, the need for a probate comes in when these things either matter or don’t. What you should know is that there are several factors that govern the answers to this question and most of it is actually based on the following:
- The value of the estate you’re about to deal with
- If the deceased had TOD (Transfer On Death) accounts or not
- If the deceased had POD (Pay On Death) accounts
- How complex the estate is
- Presence of designated beneficiaries
- How urgent the assets in the estate are needed
All that has been listed above are actually just some of the few things that you are to take note of before going to file a probate in New York City.
What are the things needed before filing a probate in New York?
Once you have made up your mind to apply for probate so that you can get access to the estate of your deceased loved one, there are some necessary paperwork you may need. You should also note the list of things you would need below can vary, depending on if you want to go through a formal or an informal probate process. Generally, what you would need are as follows:
- The death certificate
- Statement of truth
- A completed inheritance tax form
- The original will and two copies
- PA4P probate application form.
- Any other related documents, like renunciation form if someone has declined to act as executor.
You can choose to either apply online or just submit the necessary paperwork to any probate office in New York City.
How long will the whole process take?
If you’re someone who wants to file a probate in New York City, just know that it would take you around seven to nine months to complete the whole process. This is actually if you don’t encounter problems like:
- Accounting contests
- Will contests
- Litigation claims filed by creditors.
- Proceedings to remove the executor for breach of fiduciary duty, e.t.c.
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.