Probate and Estate Administration in New York
Probate and estate administration in New York have many parts to them. It is important to understand the difference between the two and how they are operated in the state of New York. Probate and estate administration is a difficult time for many because of the complexities of the proceedings and because of the emotional toll it can take on families. However, these proceedings are necessary. Attorneys can help you navigate these proceedings with ease. Probate and estate administration in New York does not have to be a stressful situation as long as you know the facts.
important things you should know
Questions And Answers
Probate and Estate Administration in New York is necessary upon the death of an individual who owned assets and property. However, probate is necessary when the value of the estate is worth over $30,000.
The probate process is the process by which the will of the decedent is found to be valid thereby allowing the assets and property to be distributed among the inheritors listed in the will.
In New York, for an estate to enter estate administration instead of probate, it must be valued at below $30,000.
Probate is the process of validating the will and is for estates valued at over $30,000. Estate administration is a smaller proceeding for smaller estates. Furthermore, they are less complex and less costly than the probate process. Estate administration is not considered probate.
You file for estate administration in the surrogate court in the county in which the decedent died. You need to have a copy of the funeral bill, a copy of the death certificate, and any supporting documents including the petition papers.
Probate begins upon the death of the decedent. An executor is appointed, and the property and assets enter the probate process before they are distributed.
An estate is considered intestate in New York when the decedent did not leave a will.
An intestate estate does not enter probate. Instead, it would enter estate administration. The property and assets of an intestate estate would be distributed to the next closest living family members. When there are no living family members, the estate would be turned over to the state.
During estate administration, you need to supply a list of all the decedent’s assets during the first phase.
You need the decedent’s assets in New York because the estate needs to pay creditors. Additionally, the assets of the estate must be valued, so having a comprehensive list of assets is crucial.
No, if the testator did not own any real estate, then the estate would not enter Probate in New York. Instead, it would enter estate administration.
In New York, the testator is the individual who signed the will. They are the decedent.
Yes, the decedent’s heirs need to be listed in the petition for estate administration in New York. This is necessary so that the executor knows who to distribute the assets and property of the estate to upon completion of the estate administration proceedings.
In New York, the heirs of the decedent are the individuals listed specifically in the will to whom the property and assets will be distributed to. They are also known as distributees or beneficiaries.
No, estate administration does not go to probate in New York. Estate administration proceedings are separate from probate and does not overlap with it. Once the estate administration proceedings are completed, the assets and property will be distributed accordingly.
Yes, an attorney can help with probate in New York. There are attorneys who specialize in probate. Probate can often become a lengthy process with many delays. What seems like a straightforward process can become a complex one. A probate attorney will help you navigate this process to make it as stress-free as possible.
Yes, an attorney can help with estate administration in New York. Estate administration in New York is a legal proceeding that can be complicated if you are not sure of the process. An attorney can help you through the process by helping you with documents, assets, and more. Additionally, an attorney will give you legal advice about how to proceed in any situation.
For estate administration in New York, the assets you need to locate include copies of bank states, vehicle registrations, life insurance policies, business records, credit card statements, deeds, mortgages, and more. An attorney can help locate these items. Furthermore, these assets are necessary to make the process run smoothly.
Yes, there is a filing fee attached to estate administration in New York. It is calculated with respect to the size of the estate being handled.
Yes, as with probate, an executor is needed for estate administration in New York. It is the duty of the executor to handle the affairs of the estate and to distribute the assets and property upon the completion of the proceedings.