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About Elder Law in New York
elder law

About Elder Law in New York 2024

Elder Law in New York 2024: A Comprehensive Guide As the population ages, the importance of elder law—an area focusing on the legal needs of

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Will And Trust In New York
Wills and Trusts

Will And Trust In New York 2024

Wills and Trusts in New York: Your 2024 Comprehensive Guide As we approach 2024, the estate planning landscape in New York continues to evolve. Understanding

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Elder Law in NYC
elder law

Elder Law in NYC 2024

Elder Law in NYC 2024: Navigating Legal Challenges with Morgan Legal Group As 2024 approaches, navigating the complexities of elder law in New York City

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Probate in New York
Probate

Probate in New York 2024

Comprehensive Guide to Probate in New York 2024 As we step into 2024, the probate process in New York City continues to be a pivotal

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Estate Planning
Estate Planning

Estate Planning in New York 2024

Estate Planning in New York 2024: A Comprehensive Guide by Morgan Legal Group The landscape of estate planning in New York is ever-evolving, with 2024

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Article 81 Guardianship New York
Estate Planning

Article 81 Guardianship New York 2024

Article 81 Guardianship in New York Article 81 guardianship in New York plays a crucial role in safeguarding the interests of incapacitated individuals. As we

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Is trust better than inheritance?
Trusts

Is trust better than inheritance?

Is Trust Better Than Inheritance in New York? When planning to transfer assets to future generations in New York, individuals often decide between establishing a

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Can I do my own probate?
Estate Planning

Can I do my probate?

Can I Handle Probate on My Own in New York? Probate is the legal process of validating a will and administering the estate of a

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An Overview Of Elder Law In 2024
Estate Planning Law

An Overview Of Elder Law In 2024

An Overview of Elder Law in New York 2024 Elder Law is a specialized legal field that addresses the unique needs and challenges faced by

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How do I organize my estate documents?
Estate Planning

How do I organize my estate documents?

Organizing Your Estate Documents in New York Organizing your estate documents is a crucial aspect of responsible financial planning and ensuring that your wishes are

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Who decides if probate is needed?
Estate Planning Law

Who decides if probate is needed?

Who Decides If Probate Is Needed in New York? The probate process plays a crucial role in estate administration, but not all estates require it.

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Estate Planning

Estate planning is a very familiar term. You often hear the word “Estate Planning”, but do you really know what it means to plan an estate?

Well, estate planning involves making plans concerning the management and distribution of one’s estate upon death or incapacitation. After your demise, your estate will have to be put in someone else’s care. The name of these persons is often listed in your will and they are often regarded as your beneficiaries. When you die, this legal document will have to undergo a process known as probate.

Probate Explained

People loathe this process and I can’t really blame them for despising it. This legal process which often take place in a probate court is done for several reasons. After the demise of an estate owner, the will of the decedent undergoes probate to ascertain its validity. It is the duty of this process to figure out if the will was actually written by the estate owner, or if the decedent was forced to write the will under duress.

Probate is also done to determine all the properties of the deceased, to review the property of the decedent, to settle unpaid debts and taxes, and to share the remaining property to designated beneficiaries based on what is stated on the decedent’s will. If you have no will, your estate will be distributed based on the intestate law of the state of New York.

The probate process is not as easy as you think it is. It involves lots of paper work, court appearance by your probate attorney, including court fees. The court fees and the cost of hiring a probate attorney are usually settled from the proceeds of the estate; afterwards the remainder goes to the designated beneficiaries, taxes, unpaid debts, etc.

How does this Process Works?

The probate process, though somewhat complicated, can go smoothly provided the will of the deceased is genuine, you have all the necessary paper works, and you hire a competent probate attorney. Upon your death, your will undergoes the probate process. It is the duty of your estate executor to tender the necessary papers to the court.

Estate Executor and the Probate Process

An estate executor is a trusted individual who is often selected by the estate owner to ensure that the estate plan is adhered to. This individual is one that acts on the behalf of the estate owner. If you die without drafting a will, the individual appointed by the judge will be the one to file the paper work in court.

In probate court, it is the job of the estate executor to prove the validity of the will, it is also the executor’s job to state your assets, the debts you owe, and the beneficiaries of your estate. Afterwards, your creditors and family members are informed of your demise.

The probate process can be long, this actually depends on the circumstances surrounding the estate plan. It can take a year or few months for this process to be over. During this period, it is the duty of the estate executor to locate, secure, and manage your estate. It is also his job to find all owed debts and make plans on how to settle them. He can either undertake this task alone or if needed, he can do it with a probate attorney.

If needed, the estate executor can decide to sell your securities, real estate, etc., to raise money for the beneficiaries; though this depends on what is written in your will, including the amount you owe. Or if for instance, you have some unpaid debts, your estate executor may have to sell some of your properties to settle the debt.

Probate Attorney New York City

The probate process can be quite scary which is why you may need the help of an expert when dealing with this process. We boast of the best probate attorneys who will not only guide you through the probate process, but they can as well offer you the best advice that will make the probate process less difficult. Contact us when you need one.

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