A probate attorney at The Law Office of Michael Robinson, P.C. provides assistance to clients with estates of all sizes. We can represent those who are still in the estate planning stage and who hope to reduce the complexities of the transfer of wealth that will occur after their death. We can also provide representation to clients whose loved ones have passed away and who are currently going through the probate process.
The probate process can be stressful for anyone who is involved, whether an executor of an estate, heirs or beneficiaries, or other interested parties. It can take a long time and it can be expensive, according to Investopedia. Investopedia indicated costs of the probate process could come in at around three percent to seven percent of the estate value and the process could last around a year, which is obviously undesirable for those who are waiting for an inheritance and who want to inherit as quickly as possible.
The process becomes even more complicated and difficult if the estate that is going to be probated is a large one. The Law Office of Michael Robinson, P.C. can provide guidance on the special issues that arise when an estate is a large one and you can give us a call to find out about how we can help. You can also learn here about some of the key issues that make the probate process more difficult when the estate being probated has substantial assets.
Larger Estates Mean Estate Tax May Be Owed
If you have a larger estate, the estate may owe estate tax to the state of New York and to the federal government. It is the job of the executor of an estate to file tax paperwork, make an accounting of estate assets, and comply with tax law obligations. Taxes can be costly and can significantly reduce the value of an inheritance passed on to heirs or beneficiaries.
Larger Estates May Be More Likely to be Contested
If the estate is a larger one and there is more money and property that could potentially be handed down, this increases the incentive for someone to challenge the last will and testament that provides the deceased person’s instructions for the transfer of assets. While not all challenges are successful, a challenge to the last will and testament does raise questions about whether the wishes of the deceased will truly be respected. It also adds to the cost of the probate process as the court must hear arguments and those in favor of and those opposed to probating the will may need to hire experts.
Larger Estates May Require Multiple Probate Proceedings to Take Place
If the person who passed away owned property in multiple different locations, this can create a situation where multiple probate proceedings must take place. This may be necessary if separate courts have separate jurisdiction over the assets that have to be transferred to new owners.
For example, if someone owned property in New York and in California, the probate proceedings to transfer the New York property would take place in New York and probate proceedings may also need to take place in California to transfer the property that was owned there. Having multiple probate proceedings can add to the costs and complexities associated with the transfer of assets. This, in turn, results in the reduction of the value of an inheritance.
Getting Help from a Probate Attorney
A probate attorney at The Law Office of Michael Robinson, P.C. can offer personalized assistance with all aspects of the probate process. No matter what the size of the estate being probated, our compassionate and knowledgeable legal team can provide the help you need to make the process go as smoothly and quickly as possible.
Our legal team helps with all stages of probate and estate planning, including making a plan to avoid probate and taking steps to ensure that the process unfolds in accordance with the wishes of the deceased if you are the executor of an estate.
To find out more about the many services that we provide in connection with probate proceedings, join us for a free seminar. You can also give us a call at 585-374-5210 or contact us online to talk with a probate attorney who can provide personalized guidance on your specific situation.