Probate is a court procedure that closes out an estate, and one part of probate is ensuring that all creditors are paid before that estate is closed. The court does not pay these bills. It is the executor of the estate that must secure the funds, pay any debts confirmed, and show proof to the court that the debts...
Continue ReadingWhether it was part of your New Year’s resolutions, or you just want to avoid paying too much in taxes this year, there are ways to save on your income tax for 2020. Not only is it good practice to implement these ideas right away (so you are not scrambling just before filing next year), but you can integrate...
Continue ReadingProbate is a normal process that occurs after someone passes away, and the courts verify that their assets are distributed to the proper parties. Some assets, such as insurance policies and retirement accounts, do not have to go through probate. That is because these assets usually have a designated beneficiary who is named at the time the account is...
Continue ReadingProbate requires that property you own goes through the court before it can be distributed. When you create a trust, you no longer own the property because you transfer ownership into your trust. Therefore, probate is not necessary. If, however, you leave a piece of property out of the trust, your loved ones may have to continue through probate...
Continue ReadingProbate is a legal process where a person’s estate is administered and officially closed out. All real property owned by the deceased is assessed by the court and then distributed to interested parties. While it sounds simple, probate is much more than reviewing a person’s assets and handing them over to beneficiaries. The process can take several months –...
Continue ReadingGetting a letter of testamentary is what you need to proceed in probate court. You will need to file a death certificate and a will with the county, then your official form requesting your letter. As the executor of an estate, you must take care of all financial tasks before you can officially close out an estate and fulfill...
Continue ReadingProbate’s length depends on the complexity of the case and whether you have anyone contesting. However, you can expect anywhere from six months to up to two years. Likewise, you could have such a straightforward case that you are done, and the case is completed in two months – however, that is rare. One of the first questions our...
Continue ReadingThe probate process typically starts after your loved one passes away. The purpose is to administer the estate of that deceased person, and it gives an opportunity for heirs to challenge the will if they feel there was tampering. Most probates go through without issue. However, there could come a time when legal heirs want to challenge a will...
Continue ReadingIf you are like most who are starting out with estate planning, you have heard of probate court – and you know that you want to do what you can to avoid it. What you might not have heard about is an ancillary probate. Ancillary probate is a secondary probate for your estate when you own property in another...
Continue ReadingAn executor has a duty to the estate to complete the probate as quickly as possible. While sometimes it takes a few months, estates can take up to three years to complete. An executor is a party who oversees administering an estate after the individual dies. In New York, they can invest whatever amount of time necessary to settle...
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