Probate court can turn into a lengthy process in New York, especially when individuals don’t take steps to avoid delays. Unfortunately, it’s often the heirs who must endure the delays. Here are three steps that individuals can take to protect their heirs from a...
Probate And Estate Administration
The downsides to probate in New York and how to avoid them
Probate can be a difficult process in New York. In most cases, it’s wise to avoid the probate process. It may result in an outcome for your estate that does not match your preferences. While death is scary to think about, everyone should plan for what happens to their...
Probate bonds and how they could protect estate administrators
The state of New York requires an estate be created whenever a person dies and does not leave a will, or they have assets not addressed in the will. The estate would hold all the deceased’s undefined assets until they can be settled through the process of probate. One...
How an estate’s executor takes care of resolving its debts
The estate planning process in New York involves completing many steps. One of an executor's most important duties is resolving the debts of an estate. While this sounds simple enough, executors must know the order in which to pay creditors, the IRS and beneficiaries....
How much will probate cost?
When people in New York write a will to distribute their property after they pass away, the court system administers probate to settle the estate. There are many factors that can affect the costs as well as the time taken up by probate, and these can vary based on the...
Ancillary probate: How it can streamline asset transfers
Understanding ancillary probate is essential for individuals with property in different states in New York. This process is a secondary probate proceeding required to distribute out-of-state property to its intended heirs. Understanding the details of ancillary...
Consider the best option for estate planning and probate
When leaving an inheritance to a family member in New York, you must set up the appropriate estate planning and probate parameters to ensure the wealth transition goes smoothly. You can use three options if you're doing so with adult children. These include breaking...
What role do testamentary letters play in estate administration?
Being an estate executor in New York requires an enormous amount of responsibility. Executors take care of the financial responsibilities involved with the estate. Before an executor can handle these responsibilities, they must obtain a letter of testamentary. Roles...
Documents an administrator can request from the IRS
Estate administrators in New York have a big job. It’s their responsibility to manage the responsibilities of the deceased person and carry out the wishes as outlined in their will. After the court grants the estate administrator approval, their first task is to...
The responsibilities of a probate and estate administrator
In the state of New York, an estate administrator is responsible for managing the assets and affairs of a deceased person. If a person dies without a will, or if they does not name an executor, the court will appoint an administrator to oversee the probate and estate...