Probate is an inherently slow process because there must be time allowed to provide notice to potential heirs or beneficiaries and to provide notice to creditors. You also have to wait for the court to schedule probate proceedings and you need time to identify all estate assets. Creditors must be given a chance to make their claims, and an opportunity must be provided in case anyone wishes to contest a will. However, while the probate process can take many months, a Long Island probate lawyer … [Read more...] about Can a Long Island probate lawyer help probate move faster?
If you don’t do your job as executor of a will, you could be removed by the probate court judge. Depending upon your actions, it is possible that you could also be sued by heirs or beneficiaries for breach of a fiduciary duty. If you caused financial loss as executor of an estate because you acted in an inappropriate and irresponsible matter– such as if you stole estate assets – you could be sued and could be required to compensate the heirs or beneficiaries for the losses that you caused. You … [Read more...] about What if you don’t do your job as executor of a will?
Both the executor of an estate and heirs or beneficiaries need to understand who takes care of estate assets during probate. Taking care of assets is the job of the executor of an estate. The executor must identify all assets that are part of the estate, do a complete inventory, make claims to recover funds owed to the estate and do everything else that is necessary to protect all of the assets.The executor has a fiduciary duty (the highest duty owed under the law) to the heirs or … [Read more...] about Who takes cares of estate assets during probate?
The probate process can be avoided with careful estate planning. It is important to make plans to avoid probate before you pass away if you do not want heirs or beneficiaries to be forced to go through the probate process. By transferring assets in other ways, such as transferring assets via trust administration or transferring assets through joint ownership or pay-on-death accounts, it is possible to ensure that there are few or no assets that transfer through probate.If you make an estate … [Read more...] about Can probate be avoided?