Navigating the Probate Process in New York State

Losing a loved one is always a difficult and emotional time. In addition to the grief and sadness that comes with the passing of a family member or friend, there are also important legal matters to attend to. If the person who has passed away had a will or trust, their assets will need to go through the probate process in order to be distributed to their heirs.Navigating the Probate Process in New York State

 

Probate is the legal process by which a court oversees the distribution of a deceased person’s assets according to their will or state law. If you are in New York State and are responsible for administering the estate of a loved one who has passed away, here is a guide to help you navigate the probate process.

Determine if Probate is Necessary

Not all assets are subject to probate. In New York State, assets owned jointly with the right of survivorship, such as a house or a bank account, will automatically pass to the surviving joint owner. Similarly, assets with a named beneficiary, such as life insurance policies and retirement accounts, will pass directly to the designated beneficiary.

If the deceased person owned assets that were not jointly owned or did not have a named beneficiary, those assets will likely need to go through probate.

File the Will with the Surrogate’s Court

If the deceased person had a will, it must be filed with the Surrogate’s Court in the county where the deceased person lived. If the will was not filed with the court during the person’s lifetime, it must be filed within 30 days of their death.

Notify Heirs and Beneficiaries

Once the will has been filed with the Surrogate’s Court, the executor named in the will (or an administrator appointed by the court if there is no executor named) must notify all heirs and beneficiaries named in the will of the death and the probate proceedings.

Gather and Value Assets

The executor or administrator must gather all of the deceased person’s assets, including bank accounts, investments, real estate, and personal property. These assets must be valued, either by the executor or administrator or by a professional appraiser.

Pay Debts and Taxes

Before any assets can be distributed to heirs and beneficiaries, the executor or administrator must pay all outstanding debts and taxes owed by the estate.

Distribute Assets

Once all debts and taxes have been paid, the executor or administrator can distribute the remaining assets to the heirs and beneficiaries named in the will.

Close the Estate

Once all assets have been distributed, the executor or administrator must file a final accounting with the Surrogate’s Court and close the estate.

Consider Hiring an Attorney

Probate can be a complex legal process, especially if the estate is large or there are disputes among the heirs or beneficiaries. Hiring an experienced probate attorney can help ensure that the process goes smoothly and that all legal requirements are met.

An attorney can also provide valuable guidance on tax planning and asset protection strategies to help preserve the estate’s value and minimize the tax burden on heirs and beneficiaries.

Be Prepared for Potential Challenges

Unfortunately, probate can sometimes be a contentious process, especially if there are disputes among family members or other interested parties. Heirs or beneficiaries may contest the will, challenge the executor’s actions, or dispute the valuation of assets.

If you anticipate potential challenges, it’s important to be prepared and to have an experienced probate attorney on your side. Your attorney can help you navigate these challenges and work to resolve disputes as quickly and amicably as possible.

Review and Update Your Own Estate Plan

Finally, going through the probate process can be a good reminder to review and update your own estate plan. Make sure that your own will or trust is up-to-date and reflects your current wishes, and consider working with an attorney to explore options for asset protection, tax planning, and other strategies to ensure that your legacy is protected.

As a law firm specializing in probate and estate administration in New York State, we at Cole, Sorrentino, Hurley, Hewner & Gambino, P.C. can help guide you through every step of the probate process. We have experienced attorneys who can assist you with filing the will with the Surrogate’s Court, notifying heirs and beneficiaries, gathering and valuing assets, paying debts and taxes, distributing assets to heirs and beneficiaries, and closing the estate.

In addition to these services, we can provide valuable guidance on tax planning and asset protection strategies to help preserve the estate’s value and minimize the tax burden on heirs and beneficiaries.

If you anticipate potential challenges, such as disputes among family members or other interested parties, we can help you navigate these challenges and work to resolve disputes as quickly and amicably as possible.

We can also help you review and update your own estate plan to ensure that your wishes are honored and your legacy is protected.

If you need assistance with navigating the probate process in New York State, we at Cole, Sorrentino, Hurley, Hewner & Gambino, P.C. are here to provide the guidance and support you need to ensure that you’re loved one’s wishes are honored and their assets are distributed according to their wishes.

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