Probate in New York is a process which is designed to facilitate the transfer of assets after a death. The probate process also provides the chance for creditors to make claims, for a will to be contested if someone doesn’t believe it reflects the wishes of the deceased, and for an estate valuation to be completed so estate tax can be assessed if necessary. The probate process occurs in the county where property was owned by the deceased person, who is called a decedent, and the executor of an estate oversees the probate process. Find out more here about the definition of probate in New York.
Probate is important because it facilitates an orderly process for asset transfers following a death. However, there are downsides. The cost of probate is a big negative, along with the complexity associated with court paperwork, tax filings, and other steps that are key parts of the probate process. The fact that probate takes a really long time is also a big drawback, especially when heirs or beneficiaries want to just inherit and move on with their life and especially in situations where a delay in the transfer of assets to new owners could have adverse consequences for the management of the asset. Find out more here about some of the drawbacks to probate.
Probate is not required after every death, although it is required after many deaths. The size of the estate and the kind of assets being transferred will impact whether or not it becomes necessary for probate to happen after a fatality. If someone does not wish for their family to have to go through the probate process, it is possible to create an estate plan that makes skipping probate possible. The estate plan will need to facilitate the transfer of assets through other means, such as trust administration. Find out more about when probate is required.
There are many reasons to avoid probate, including the desire for heirs or beneficiaries to inherit in a more timely manner and the desire to save costs associated with the probate process. When assets transfer through other means, heirs can obtain the money or property either instantly, or in a matter of days or weeks rather than months. If someone is depending upon an inheritance to live off of, or if the items being inherited are things like ownership of a family business where a delay in the ownership change could wreck havoc, probate avoidance is essential. Find out more here about top reasons for avoiding probate.
You should get legal help during the probate process. Executors need help fulfilling their fiduciary duty; heirs or beneficiaries need legal help protecting an inheritance; and people contesting a will need legal help filing paperwork and making arguments. The Law Office of Michael Robinson, P.C. is here and ready to provide the kinds of legal help that you need. Our legal team knows what is at stake and we offer the advice and support necessary to facilitate smart choices that ensure the wishes of the deceased are honored and that assets are transferred in an appropriate and timely way.