Suppose you are chosen to be the executor of a decedent’s will. In that case, you hold the responsibility of ensuring that their wishes come to fruition and the integrity of their estate is preserved. The process of doing so is referred to as probate. With that being said, follow along to learn how one of the seasoned New York City probate attorneys at Zimmet Law Group, P.C. can help you to protect the decedent’s wishes throughout the probate process.
What is the purpose of the probate process in New York state?
Simply put, the probate process is conducted to determine the validity of a will. Once the New York court confirms this, you, as the executor, will then have the authority to take the action needed to close the estate, including collecting and preserving assets, paying estate taxes and debts, allocating assets to beneficiaries, and providing a detailed accounting to the court, among other activities.
When is a simplified probate proceeding allowed in New York state?
Notably, New York state allows for a simplified probate proceeding under certain circumstances. For example, if the assets that are required to go through probate are valued at less than $30,000, this will be considered a small estate. Therefore, this estate may be closed within two months because no inventory has to be filed and the Surrogate’s Court does not need to approve Administration Accounts. It is important to note that the simplified probate process is available even if the decedent dies without a will.
What is the probate process in New York state?
The probate process can be lengthy and complex. Below is a comprehensive list of steps that you should follow:
- You and your attorney will file the decedent’s will in the Register of Wills in the county where the decedent resided at the time of their passing.
- You will file a petition for probate, with your identification as the executor, at the Register of Wills. Additional forms that need to be filed include the death certificate and a list of beneficiaries.
- You will locate all beneficiaries of the will and serve them with a citation establishing the court’s jurisdiction and notifying them of your actions on behalf of the estate.
- You will identify all remaining creditors and pay off all outstanding debts.
- You will create an account of all assets included in the will and then distribute those assets to all beneficiaries included in the will.
- You and your attorney will file a Certificate of Compliance, where the beneficiaries sign off that you satisfied your fiduciary obligation, to close out the estate.
If you have any additional questions, contact one of the knowledgeable New York City wills, trusts & estates attorneys today.
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If you require the services of an effective New York City attorney of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, or landlord-tenant law, contact Zimmet Law Group, P.C. today to schedule a consultation.