Many people are not aware of the existence of probate. This is a legal process that takes place under the supervision of the Surrogate's Court in the state of New York. If you were to pass away without any type of estate planning documents at all, the court would utilize intestate succession laws to determine the way that your resources should be distributed. When a last will is used, the will must be admitted to probate. Generally speaking, any time you pass away in direct possession of …
What Is the Cost of Probate?
The process of probate comes into play if you pass away in possession of personally held assets. Most people will use a will to direct the transfer of these assets. If you go this route, the will must be admitted to probate. During the probate process the court will determine the validity of the last will and supervise the administration of the estate. Probate Expenses There are some considerable expenses that can pile up during the probate process. The court will require a filing fee, …
Should I Avoid Probate at All Costs?
Probate refers to the process whereby a state court determines the validity of a Will and oversees the executor's actions in carrying out the terms of that Will. This includes distribution of any assets that were in the deceased person's sole name and not automatically transferred to another person upon death. Many estate planning attorneys advise their clients to avoid probate by transferring their assets into a Living Trust during their lifetimes. In this manner, there may be no probate …
What Is a POD Account?
Estate planning involves making arrangements for future asset transfers. There are a number of different ways that you can go about it. The creation of a POD account is one possibility. Payable on Death Accounts The acronym POD stands for "payable on death" in this context. These accounts are alternately called transfer on death accounts (TOD accounts). Payable on death accounts can be opened at banking institutions of various kinds along with many brokerages. When you open a payable on …
What Are the Drawbacks of Probate?
Probate is the legal process that comes into play when you pass away in possession of personal property. Even if you have a last will the probate court will be involved. The executor of the estate must admit the will to probate. Your property is considered to be probate property at first. After the probate process has run its course the property is distributed to the heirs to the estate. Probate is not an inherently negative thing, but there are certain drawbacks that go along with the …
How Long Does the Probate Process in Smithtown NY Take?
Probate is the legal process of estate administration. There are entities out there that make the probate process sound like it is something that is totally negative. In fact, the American Bar Association does not concur with this somewhat out-of-balance and self-serving contention. Over the years the powers that be have made great strides. Probate provides certain protections that are very valuable on a number of different levels. If you have an interest in an estate that is being probated …
New York Estate Planning FAQ: What Is Probate?
If you equate estate planning to the creation of a last will you should certainly know a bit about the process of probate. We will provide a brief overview in this post. Let's say that you create a last will. What happens after you die? Presuming you named an executor when you created the document and this individual is aware of his or her appointment your executor would admit the will to probate. Probate is a legal process that takes place under the supervision of the Surrogate's Court …
Can Probate Be Avoided?
Most people who do not look into the subject very deeply assume that estate planning involves the execution of a last will. If you use a last will to state your final wishes with regard to the transfer of your property it is not immediately distributed to the heirs. The estate must go through the probate process before the heirs receive their inheritances. Probate takes place under the auspices of the Surrogate's Court here in the state of New York. The estate is going to go through the full …
Avoiding Probate With a Revocable Living Trust
Revocable living trusts are widely used to enable probate avoidance. Let's start off by explaining what probate is and why someone may want to arrange for asset transfers outside of probate. In the state of New York the process of probate takes place under the supervision of the Surrogate's Court. Contrary to the way it is depicted in the movies, a will is not something that is just read among family members. It must be deemed valid by the court. Everyone has heard of will challenges, and …
Beware of Improperly Executed Last Will
The possibility of a contested will is something to take into consideration when you are planning your estate. These days there are a lot of websites all over the Internet claiming that it is easy to draw up your own last will using a download or a worksheet that they will sell you. You would do well to take pause before buying into these ideas because of the possibility of an improperly executed last will. A last will that has not been properly executed under the laws of the state of New …
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