PROBATE & ESTATE ADMINISTRATION
Did you know that 60% of Americans do not have a will in place, and 55% of Americans pass away without a legacy (estate) plan?
New York Only
Probate is the formal court process that authorizes and appoints the executor or personal representative who will manage the estate and distribute assets to the intended beneficiaries according to a valid will.
The laws of each state vary, so it is a good idea to consult an attorney to determine whether a probate proceeding is necessary, whether the executor must be bonded (a requirement that is often waived in the will) and what reports must be prepared.
In many states, probate can take upwards of six months to a few years should the estate become contested, or if case-specific issues should arise.
If you're looking to probate a loved ones Will, or have questions on the process and what's needed, book a free 15 minute consultation today.
New York Only
Whether you pass away with or without a Will, a lawsuit must be started against your estate for the benefit of your creditors first, then your family. This estate administration lawsuit takes place in the surrogate's court. If you die with a Will, then your estate goes through a similar lawsuit, through a process called Probate. What happens in these court proceedings?
The court allocates the person's assets to their next of kin after a lengthy process of notifying all of the person’s possible heirs and creditors. Your estate will be responsible to pay all the parties involved, including your lawyer, property appraisers, bond fees, executors, and the court fees of course. In some states it can be more costly than others. Typically these fees make up 5% of your estate. The court then makes sure the deceased person's debts are paid and the remaining assets are allocated to the correct surviving beneficiaries. Think about working hard all of your life only to pass away and have everything you’ve worked so hard for in the hands of a court or government.
In many states, estate administration can take upwards of six months to a few years should the estate become contested, or if case-specific issues should arise.
If your loved one died without a Will and you're looking to have their assets administered or have questions on the process and what's needed, book a free 15 minute consultation today.