After the loss of a loved one, many people are left wondering if they need to go through the probate process. This is a common question, as probate is the legal process of distributing a deceased person’s assets and paying off any outstanding debts or taxes. In New York, probate is necessary when the deceased person has left behind a will. This ensures that the beneficiaries and heirs receive the property and assets as outlined in the will.
However, in a city like New York, there are certain things that people should know about the probate process in order to ensure a smooth and efficient process. Here, we will provide some answers to common questions about probate in New York.
When is Probate Necessary in New York?
Each state has its own rules and regulations regarding probate. In New York, probate is necessary when the owner of an estate passes away and the executor submits the will to the court, along with other important documents. This allows for the determination and division of the estate among the beneficiaries and heirs. The probate process ensures that the remaining assets, after expenses such as funeral costs, taxes, and bills are paid, are distributed according to the deceased’s wishes.
Steps of the Probate Process
To better understand the importance of probate in New York, it is helpful to know the steps involved in the process. Here are the main steps of probate:
Step 1
The first step in the probate process is for the executor to obtain the death certificate of the deceased. They will then submit the will to the court and notify the beneficiaries of the process. This is also the time for potential heirs and beneficiaries to review the will and raise any concerns or contest its validity if necessary.
Step 2
The executor will inform any creditors of the deceased’s estate and allow them to make any claims for payment. This may also involve selling assets in order to pay off these claims. After all debts and expenses are paid, the remaining property will be divided among the beneficiaries and heirs as outlined in the will.
Conclusion
In New York, probate is only necessary when someone passes away with a will in place. It is often confused with an administrative proceeding, which is similar but only occurs when someone passes away without a will or trust. To avoid probate, it is recommended to set up a trust and transfer assets into it during your lifetime. If you need assistance with probating a loved one’s estate or creating an estate plan to avoid probate, contact our experienced lawyers today.
