Why you should Draft a Will
There are several people out there who don’t know the importance of drafting a will; the few who are aware lack the knowledge required to plan an estate.
Planning an estate is quite important, especially if you don’t want your assets to be distributed in a way you don’t like. In planning an estate, you’ll need the help of an attorney to guide you through the process.
If you die without drafting a will, your assets will be shared on the terms of the state government of where you reside. This is something you certainly don’t want to happen. But if you draft a will before you kick the bucket, your properties or assets will be shared according to your wishes. You will rest in peace knowing that your assets and properties are left I n the care of your family and loved ones.
Did you recently lost a loved one? You need to handle the probate process, but you are confused regarding where to begin? You don’t know if you should hire a probate attorney or not?
The New York probate process is not as easy as it seems. This process can be quite challenging and tricky, particularly when things like family conflicts and taxes are involved. Well, though the probate process can be tough and tricky, with a good probate attorney, you will get through the process without much difficulty and headache.
Is probate important?
Probate is required for assets that are owned by the deceased; that is, assets that have no beneficiaries attached to them. These assets may be bank accounts, houses and automobiles, antiques, etc.
Administration of small estate
In Ney York, estates with value of more than $3,000 may undergo the probate process. While estates that are valued at a price less than $3,000 is often regarded as “small”. Small estates will be disposed by a process which is regarded as small estate administration.
What are subject to the probate process?
An estate without a will is not probated, rather, it is administered. Also, assets such as the proceeds of an insurance policy, retirement accounts, such as a 401k and IRA, including other types of account that has a beneficiary name attached to it, won’t undergo the probate process.
During the probate process, the designated executor will file a petition in Surrogate’s court along with the original copy of your statement or will. The petition will include information such as the date of death, the name of the designated beneficiaries, heirs-at-law (in case the will isn’t authentic), including an overall appraisal of the estate. All interested parties such as beneficiaries and heirs-at-law, will be informed of the probate proceeding.
When do you need to contact a probate attorney in New York?
Now that you have a little insight regarding what probate is, you are probably thinking if and when you would require a probate attorney for that probate issue of yours.
Below are a few questions you can ask yourself to ascertain if you really need the help of probate lawyer or not.
Is it possible to transfer the assets of the deceased outside probate?
If the deceased individual properly planned their estate before their demise, it may not be necessary to handle estate problems in a court. Typical assets such as joint tenancy and survivorship community can be taken care of outside the probate court.
Probate is also unnecessary for assets in which the decedent party has been designated as a beneficiary.
Does the Estate Owe Federal Estate Taxes?
Are you aware that most estates don’t have to pay federal estate taxes? If the estate is big enough to owe federal taxes, you will need the help of a “probate attorney near me 10025” to assist you.
Is the Estate Large Enough to Settle All Current Debts?
You may not require the help of a probate attorney if the estate has adequate money to settle their legitimate debt, like ultimate income taxes, med bills, including funeral expenses.
IF you feel that your estate is big enough to settle off these bills, it is recommended that you hire a probate attorney (possible in New York) to assist you in settling these debts. You shouldn’t pay off these debts without consulting your probate attorney beforehand.