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Estate Planning
Estate Planning

The Top Secrets of Estate Accountings

The Top Secrets of NY Estate Accountings 2024 As we move into 2024, estate accounting in New York continues evolving, presenting challenges and opportunities. Understanding

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Will
Estate Planning

Is My Will Legit?

Is My Will Legit? Ensuring Your Will’s Legitimacy in New York Creating a will is a fundamental component of estate planning, but the looming question

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Probate
Estate Planning

The Mysteries of Probate Revealed

The Mysteries of Probate Revealed in New York The probate process in New York often seems shrouded in mystery, leaving many to navigate its complexities

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What is Probate in 2024
Estate Planning

What is Probate in 2024?

As the legal landscape continues to evolve, understanding the probate process in New York in 2024 is crucial for effectively managing estate planning and administration.

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Probate Lawyer Queens
Estate Planning

Probate Lawyer Queens

Why You Need a Probate Lawyer in Queens Probate can be complex and daunting, especially in the diverse and dynamic borough of Queens, New York.

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Estate Planning Attorney Brooklyn
Estate Planning

How Does Joint Ownership Work?

How Does Joint Ownership Work? Joint ownership, a common arrangement for co-owning property and assets, offers various benefits and complexities, particularly under New York State

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Estate Planning in New York
Estate Planning

Estate Planning in New York 2024

Estate Planning in New York 2024: Navigating Changes and Protecting Your Legacy As we approach 2024, the estate planning landscape in New York continues to

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will attorney
Estate Planning

Why do You Need A Will?

Why Do You Need A Will ASAP? The thought of drafting a will often brings a sense of unease, conjuring notions of morbidity or the

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All about Probate in NYC

Probate is a legal process that occurs after someone passes away. In New York City, NY, the probate process is governed by specific laws and regulations. Understanding how probate works in this jurisdiction is essential for individuals and families dealing with distributing a deceased person’s assets.

What is Probate?

Probate is the court-supervised process of validating a deceased person’s will if one exists, and overseeing the distribution of their assets to beneficiaries. If the deceased person did not leave a will, the court will follow the laws of intestate succession to determine how to distribute the assets.

The Probate Process in New York City

The probate process in New York City involves several key steps:

1. Filing the Petition

The probate process typically begins with filing a petition in the Surrogate’s Court of the county where the deceased person resided at the time of their death. The petition seeks to admit the will to probate and appoint an executor or administrator to oversee the estate.

2. Notifying Heirs and Beneficiaries

Once the petition is filed, the court will issue citations to notify heirs and beneficiaries about the probate proceedings. They can contest the will or raise objections if they believe it is invalid.

3. Reviewing the Will

The court will review the will to ensure it meets all legal requirements. The court will admit the will to probate if there are no issues.

4. Appointing an Executor

If the deceased person left a will, the court will appoint an executor named in the will. If no will or executor is named, the court will appoint an administrator to handle the estate.

5. Identifying and Valuing Assets

The executor or administrator is responsible for identifying and valuing the deceased person’s assets, including real estate, bank accounts, investments, and personal property.

6. Paying Debts and Taxes

Before distributing assets to beneficiaries, the executor or administrator must pay the deceased person’s outstanding debts and any applicable estate taxes.

7. Distributing Assets

Once debts and taxes are settled, the remaining assets are distributed to the beneficiaries according to the terms of the will or intestate succession laws.

8. Closing the Estate

After all assets are distributed, the executor or administrator will petition the court to close the estate. The court will issue an order discharging the executor or administrator from their duties.

The Costs of Probate

Probate can be associated with various costs, including court, legal, and appraisal fees. These costs can vary depending on the complexity of the estate and the involvement of attorneys and other professionals.

How Long Does Probate Take?

The duration of the probate process in New York City can vary widely depending on factors such as the complexity of the estate, whether there are any disputes and the court’s caseload. In some cases, probate can be completed in a matter of months, while more complex cases may take a year or longer.

Should You Avoid Probate?

Some individuals explore ways to avoid probate, such as using trusts or making lifetime gifts. While avoiding probate can have certain benefits, weighing the pros and cons carefully is essential. Probate ensures a structured and legal process for asset distribution, which can help prevent disputes and ensure that the deceased person’s wishes are followed.

Consult with Probate Professionals

Suppose you are dealing with the probate process in New York City. In that case, it’s advisable to consult with experienced probate attorneys and professionals who can provide guidance and help navigate the legal requirements effectively.

At Morgan Legal Group, our team of probate attorneys in New York City has extensive experience in handling probate matters. We are here to assist you throughout the probate process and ensure that your interests and those of the deceased person’s estate are protected.

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