Probate is the legal process during which your estate will be settled and distributed. More broadly speaking, it is the legal procedure carried out in a Surrogate’s Court after you die, for the purpose of rounding up your estate affairs according to the instructions of your will. Your estate would have to be disposed, and the manner in which that will be done is determined by whether you left a valid will or not. But before your estate can be disposed, there may be debts and taxes owed by your estate which needs to be paid first. Your estate would also have to be appraised to determine its total worth before debts can be paid and beneficiaries settled.
Probate Attorney 10039
There are many factors which can make the New York probate very lengthy and rigorous. Nevertheless, proper estate planning can help minimize the cost, time, and pain of probate. To ensure that your estate is probated in a most efficient manner and that your wishes are effectively carried out, it is advisable to hire the probate attorney 10039 who will enlighten you on the probate process. He will help you draft a proper and effective estate plan that fulfills your wishes while minimizing the complications of probate, and would also work closely with your executor to ensure that his duties are duly carried out.
The personal representative
In your will, you will have to name your personal representative known as an executor. This executor will be the one responsible for initiating probate by writing a petition to the Surrogate’s Court in the county which you domiciled before death. If you die without leaving a will, someone would have to be appointed by the court to stand as your personal representative, and this person will be called your estate administrator, having the same responsibilities as your executor. In the petition, the personal representative is to include your death certificate and will. The court will then have to check the will if it conforms to the requirements of a will according to New York laws. NY EPTL § 3-2.1. Once the court accepts the will as valid, it is admitted into probate. The executor will then be given the authority to handle the affairs of the estate.
Estate litigation and will contest
There are often complications that may arise before a will gets admitted into probate. On filing the petition to the Surrogate’s Court, the personal representative would have to notify the public that probate has begun. This gives the opportunity for all interested parties to come forward to object to probate, object the appointment of the personal representative, or object the validity of the will. A party may believe the testator to have been unduly influenced into signing the will by a mischievous party. Or they may feel that the executor appointed is not worthy, or the testator was not of a sound mind when signing the will. Such party can issue a will contest, and this can complicate probate greatly. Probate attorneys can avoid or ease up these tensions. To ensure that your wishes are carried out after your death in the simplest and smoothest way possible, do well to contact the probate attorney 10039.
Appraising the estate
After receiving a go-ahead by the court, the personal representative then has to account for all the assets in the estate. The value of all assets must be appraised, and this is important to determine if the total value will suffice to pay bills, taxes and creditors, while leaving a sufficient amount to be distributed among your beneficiaries just as you desire.
After paying all debts and bills, the final responsibility is to give to each of your beneficiary the part of your estate you have cut out for them in your will, whether funds, personal belongings or real estate.
- In the absence of a will
When you die without a will or trust, it means your last wishes are unknown. The court then has to decide for you who will get a share in your estate. This situation is known as intestacy. The intestacy laws of New York are rigid, and name your surviving spouse and kids as your only surviving heirs. This means that if you had desired for charity, a friend or other loved one to inherit from you, your wishes will become irrelevant. Since you do not want that, it is important you lay down your wishes before death.
Probate Attorney near me 10039
For a smooth, cost-effective and short probate in New York, hiring a probate attorney near you is paramount. The probate attorney 10039 can help you design the best estate plan, and also assist the executor in carrying out his roles. Do contact the probate attorney 10039.