The New York law mandates that every estate worth over $30,000 in New York be probated when the owner dies, so long there are assets left in the name of the decedent. Probate is quite complicated, lengthy and costly — even traumatic — depending on the nature and size of the estate. Valuable assets attract huge costs to probate before they are inherited but with a probate attorney working alongside you, you are guaranteed of a smooth, cost-effective and less traumatic probate. If you have lost a loved one in NYC, 10017, New York, contact the probate attorney 10017 for legal and professional assistance probating their estate.
Why is probate done in New York?
Probate is done primarily for the purpose of validating a will. A Will often is created to express the wishes of a person concerning how their estate is to be disposed when they die. This Will must be verified by the court to have been written based on the actual intent of the testator. That is, the will must be proven to be free of fraud, and must be written according to New York laws. When this has been proven, then the will can then be used in disposing property as the testator had wished.
Another reason probate is done is to supervise the personal representative in the administration of the estate. This is to ensure that the person carries out their responsibilities without any form of illegal practice or malice against the decedent’s family.
How does the personal representative administer the estate during probate?
The executor or estate administrator (collectively known as the personal representative of the deceased) takes charge of the estate during probate until the assets are disposed. He must identify and collect all the assets, income and accounts of the decedent. He then has to evaluate the worth of the total possessions, and open a checking account for the estate. From this checking account, he would settle all taxes, expenses and debts associated with the estate. While doing all this, clear and transparent records should be made of all expenditure, since he would have to present them to the court before he is allowed to disburse assets to beneficiaries.
Estate taxes in New York
Estates in New York valuing over $5.85 million are taxable by law as at 2020. The tax will be paid by the personal representative of the owner during probate. Note that tax return forms must be properly filed and submitted before a particular date, after which a fine or penalty will be placed. Often, executors are too busy with other things and forget about estate taxes, and this heightens the need to work with a probate attorney. The probate attorney is knowledgeable in tax procedures of New York, and would help in filing tax return forms and submitting as at when due. The probate attorney 10017 will help you avoid costly mistakes which may be disastrous to the estate.
Estates below $5.85 million are tax exempt.
Small estate administration
Not all estates in New York go through the complex and lengthy process of probate. Estates in New York which value less than $30,000 are considered “small” and will pass through a process known as a Small Estate Administration. This process is typically shorter, less complicated and cheaper than probate.
How does probate begin?
Probate begins when the executor (or administrator) files a petition to the probate court in the county where the deceased lived. This petition must include the death certificate and written will of the deceased. If there is no will, then a person who wishes to be named the executor can file a petition to the court anyway. The court then has to officially accept and appoint this person as the estate administrator, but not without the consent of the family of the decedent. If you seek to become an administrator, kindly contact the probate attorney for guidance in filing the petition and knowing your responsibilities.
During probate, anybody can issue out a “will contest”. A will contest is a legal tool for objecting the validity or instructions of a will. The matter is then dealt with accordingly in court proceedings. This often takes time and money.
Hiring a probate attorney
Hiring a probate attorney can mean the difference between a traumatic probate and a hitch free one. Our probate lawyers 10017 NY assist executors and loved ones of a deceased through probate; helping to file a never-ending stream of paperwork, offering legal representation, settling disputes within the family, resolving estate litigation cases, and guaranteeing an overall successful probate. Contact the probate attorney 10017 today.