Probate Attorney and Probate
A probate attorney is that individual that is capable of handling a probate case. You can decide to handle the probate case yourself, but doing so will be risky. The probate process involves several complicated steps and rules which must be strictly adhered to. Failure to adhere to such rules or failure to tender the right document as requested by the probate court could end up affecting the estate, or it might prolong the probate process. Probate is carried out to ensure that all ultimate debts, taxes, including expenses, are settled, and the remaining assets are then shared to the beneficiaries, as stated in the will. In the case where there is no will present, the assets of the decedent would be distributed based on the intestate law of the state where his or her properties are.
The Significance of Wills
If a person kicks the bucket without writing a will, or if the person dies “interstate,” the deceased’s properties or estate will be divided by state statute. The court must appoint an attorney to oversee the deceased’s estate while the probate process is underway. The court-selected administrator may or may not be an acquaintance. When you write a will before your death, you will pick your estate’s executor.
A will may also be questioned. When one or more parties believe that the deceased was coerced to sign the will, or that they are cheated out of their inheritance, such party will issue a contest of will petition. Through the probate process. If you pass away, leaving property, your loved ones can bankrupt if you neglect to include them as your property beneficiaries. New York law states that when you die, only your spouse and children inherit your estate. When you want to leave properties to family, friends or other loved ones, you must include them in your will or trust.
What does it mean to probate a will?
Probate is not a very familiar term, which is why the majority aren’t aware of what probate really is. Having at least an average idea of what probate is and what it involves will help you when you are faced with certain probate issues.
Probate is a term that was coined from the Latin term, which means, “to prove the will.” Probate is the process in which a probate court determines the validity of a statement or a will. Probate can as well be described as the process by which a probate court supervises the administration of a decedent’s estate.
What activities are carried out during probate?
It is the executor named in the will who is responsible for submitting the will to court. If this is you, then you need to know that you have fiduciary responsibilities to the estate and family of the deceased. Once you have been accepted as the legal personal representative of the deceased, then you must carry out the following sequence of activities:
- Notify all concerned parties that probate has begun. Concerned parties include the family, relatives and creditors of the deceased.
- Identify all the assets left by the deceased and estimate their value.
- Open a checking account with funds from the estate.
- Pay funeral bills, debts, federal and/state estate taxes from the account you opened.
- Keep an accurate accounting record of all your expenditure.
- Submit the accounting record to the court.
- When the accounting record has been accepted by the court, then you can proceed to disburse what’s left of the estate to the inheritors as the will specifies.
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A probate attorney is pivotal to creating well informed decisions that might definitely result into resolving any probate issues also as making solid estate plans. Consulting our probate attorney would ensure all appropriate formalities are with proper protocol. With the wellbeing of you and your loved ones in danger and safety of your assets in question, is preparing estate plans yourself well worth the risk? Why not Contact our greatest probate attorney 10024.