Probate is the process by which the estate of a deceased is lawfully disbursed. If there is a valid will, the estate will be distributed accordingly. If not, the intestacy laws determine who gets the estate properties. But probate is not always necessary. In New York, probate will only be done if there are assets held in the deceased’s name only, of which the estimated worth values over $30,000. Below this value, a simple Small Estate Administration is used instead. Property held in joint tenancy, assets held in a trust, IRAs, insurance policies and other financial accounts with POD clauses pass outside probate. There is no simplified probate process in New York. On average, probate takes about 7-9 months.
You may just have found out that you were named the executor in a will by a recently deceased person. Possibly the whole concept of probate is still foreign to you. Seeking guidance from a probate attorney is the right step to take. A probate attorney 11433 offers professional assistance to clients in probating a will and administering an estate in NY. As probate laws vary from place to place, and as probate must be done in the county of the deceased, it is important hiring a lawyer in that county who is highly experienced in the probate system of said location. If you wish to acquire the services of a probate attorney 11433 Jamaica, NY, we are here to help. Probate begins and ends in the probate court where the deceased owned estate.
Important things to know about NY probate 11433
Being the executor of a will, there are so many things you should know about probate. This is because there are important roles you would be playing. However, your attorney when hired will guide you through, ensuring all that needs to be done is done at the right time; the purpose is for probate to conclude quickly and with minimal complications.
Do you need an executor?
The executor is named in the will. He is responsible for initiating probate by filing a petition to the probate court for the process to commence. If there is no will, then an estate administrator is appointed by the court. Both executor and estate administrator are both called the personal representative of the deceased and have the same responsibilities.
Responsibilities of the personal representative
- Initiating probate by filing a petition to the court along with the death certificate and Last Will of the deceased
- Notifying the family and creditors of the deceased that probate has commenced
- Collecting all valuables and estimating the worth of the estate
- Paying estate debts, tax, funeral expenses, and other financial obligations of the estate. (All expenses including attorney charges and court fees are paid from the estate purse.)
- Disbursing what is left of the estate to the beneficiaries.
Why you need a probate attorney
Actually, there are so many advantages of hiring a probate attorney. The process is legal and involves some legal formalities which you may not be familiar with. A probate attorney will assist with all these to prevent costly mistakes. Tax forms prepared incorrectly can attract sanctions. If there is no proper understanding of the will, conflicts and tension may abound. A probate attorney gives clarity to all relevant aspects. He also ensures the executor performs his roles with utmost efficiency and transparency, thus preventing fraudulence, mismanagement and unnecessary accusations.
If there are differences amongst the family members and lawsuits are filed, probate becomes even more expensive and time-consuming. A probate attorney can help prevent such issues from escalating into court cases through conflict resolution. If need be, he also represents clients in probate litigation.
- The executor or estate representative would usually act in manner that would have been pleasing to the deceased. Following the desires and wishes of the deceased as stated in the last will.
- Part of estate may be sold or used to raise funds to pay off debts, creditors, taxes and expenses incurred during probate. Thus, the probate attorney or executor proceeds to sharing the remaining estate.
Our probate lawyers at our NY-based law firm help ensure that probate concludes quickly and with as little hiccups as possible. Call our offices to speak with a probate attorney 11433.