One of the most common questions that people tend to have after the passing of a loved one is, do we need to probate the estate? We all know that the probate process begins when a will is submitted to the court regarding the payment of bills and taxes along with the transferring of the estate to the beneficiaries and the heirs. Well, with the probating of a New York will, the heirs and beneficiaries will be able to ensure that they have the legal right to the property of the deceased as mentioned in the last will and testament that was created by the deceased.
In a city like New York, there are some things that people need to know about the Probate process in order to make sure that the process goes smoothly. So, here we are going to provide you with some answers.
When Is Probate necessary in New York?
To be honest, every single state has a different rule for the Probate process. In the case of New York, Probate is essential when the person owning the estate has deceased, and the executor has provided a will to the court along with other important documents that would support the determination of the estate and the division of it as well. With the help of the Probate process, the estate and all the assets of the deceased which remain after paying for the funeral expenses, taxes and bills will be divided amongst the people who are considered to be the beneficiaries and the heirs.
Steps of the Probate Process
In order to understand the importance of Probate in New York, it is important for people to understand how the entire thing works. So, here we are going to provide you with some steps so that you can better understand what you’re in for.
After obtaining the death certificate of the deceased person, the executor will be able to start the process by submitting the will to the court. The beneficiaries will be notified about the will and testament and also about the process. At this point in time, all potential heirs/beneficiaries will have the opportunity to review the last wishes of the deceased to determine whether or not they seem true to their nature or are part of a family member’s attempt to produce a fake Will for their own benefit. If you believe there is any foul play at this point in time, you can contest the Will and raise any issues.
The creditors are informed about the estate of the deceased person, and they can make their claims that the executor will be paying from the assets of the deceased person. This might also permit the personal administrator or the executor to make sure that they can sell the assets in order to provide for the claims that have been made by the creditors. After paying all the bills and the expenses along with the claims of the creditors, the property which is remaining will be divided into parts and provided to the beneficiaries, and the heirs of the property as stated in the Will be the deceased.
In New York, Probate is only necessary when someone passes with a last will and testament in place. Probate is sometimes confused with an administrative proceeding similar to the process but only takes place when someone passes without a will or trust in place. Probate can be avoided by setting up a trust and moving all assets into the trust during your lifetime. To speak with an experienced lawyer about probating a loved one’s estate or creating an estate plan to avoid probate, call our office today.