When a person dies, their assets must be distributed according to either the terms of their will or state law for estates without a will. The process is called probate and can be lengthy and expensive, especially for an estate valued at a high amount. Fortunately, many states offer simplified probate procedures that can save families time and money. However, it is essential to consult an experienced New York probate attorney to understand the options available in your area.
The Executor
Typically, a will specifies the name of an executor who is responsible for completing all formalities under estate administration. However, if no will is found or the designated executor refuses or renounces their position, the court steps in to appoint an administrator. This person is the legal representative of the deceased’s estate and is tasked with paying bills, taxes, and other debts, as well as distributing assets to beneficiaries. Beneficiaries are individuals or entities that the deceased specifically entrusted to receive certain assets. They can range from spouses or children to close friends or charitable organizations. If a decedent is married and community property laws are in place, both spouses can be considered equal beneficiaries of the estate.
Probate Court
Once a person’s will has been accepted by the probate law court, a letter of testamentary is issued to the executor confirming his or her authority to act on behalf of the estate. This document must be presented to creditors to establish the estate’s ability to pay bills and applicable taxes. The court must also verify the authenticity of the will and determine that it was not the product of fraud, undue influence, or improper execution.
After the court is satisfied that all claims have been paid, it will distribute remaining assets. This is done according to the will (if present) or state law of intestate succession (if one is not). The executor may be required to file a fiduciary bond and must publish notices in local newspapers and other media to alert creditors and Beneficiaries that an estate is being administered. These expenses can quickly add up and reduce the estate’s value, resulting in less for Beneficiaries to inherit.
Although a person’s death can be devastating, working with a knowledgeable attorney can help reduce the stress of navigating the complex probate process. An experienced lawyer can provide insight into whether or not an estate is eligible for a simplified probate procedure and can guide the executor through the process. Moreover, an experienced New York probate attorney can prepare a comprehensive estate plan to limit probate costs, taxes, and delays. By planning ahead, you can pass on more of your estate to loved ones and ensure that your family is provided for after your death. For more information on avoiding the probate process, contact our firm to schedule a consultation with a New York estate litigation attorney.