The Probate Process in New York

1
The PROBATE PROCESS IN NEW YORK sTATE
2
Probate Affects Almost Everyone
3

• Chances are that at some point in your life you
  will be involved in the probate process

4
You may be an executor, administer, beneficiary,
or heir
5

• Understanding the New York probate process is
  important when you create your own estate plan

6
Why Is Probate Necessary?
7

• Just about everyone leaves behind
• estate assets

8
They may be minimal or extensive but almost
everyone leaves an estate
9
(No Transcript)
10
Testate Vs. Intestate
11

• If a Last Will and Testament
• was left behind
• the estate is a testate estate

12

• If no Will was executed prior to death the estate
  is intestate

13

• In a testate estate
• the decedents Will decides
• how assets are distributed

14

• In an intestate estate
• the intestate succession laws
• of New York State decide what happens to the
  decedents assets

15
Getting Probate Started
16

• Upon the death of the decedent,
• family members look for a
• Last Will and Testament

17
If one is found, the person named as executor
files a petition to open probate
18

• If no Will is located,
• a family member usually files the petition and
  asks to be appointed administrator of the estate

19

• Petition must be filed in the Surrogate Court in
  the county where the decedent was a resident at
  the time of death

20
Job of executor/administrator is the same
21

• Court must officially appoint executor/administrat
  or

22

• Probate involves numerous complex legal issues
• so an estate planning attorney
• is usually hired to help the executor/administrato
  r

23

Beneficiary vs. Heir
24
Individual, organization, entity, pet named in
the Will is a beneficiary
25
Individual, organization, entity, pet named in
the Will is a beneficiary

• Individual who inherits under the laws of the
  State of New York is an
• heir

26

• In an intestate estate,
• court must determine
• who the legal heirs are

27
Estate Assets
28

• Executor/administrator has numerous duties with
  regard to the estate assets including

29
Locating the assets
Securing assets
Inventorying assets
Valuing assets
Professional appraisers may be needed to value
assets
Inventory must be filed with the court
30

Creditor Claims
31
Creditors have a right to file claims against the
estate
Executor/administrator must notify all potential
creditors of the probate via publication
Creditors have specified period of time to file a
claim
32
Executor/administrator reviews and approves or
denies
If approved, paid out of estate assets
If denied, creditor can appeal to court
33

Will Contest
34

• Sometimes somebody challenges the Will that was
  submitted to the court

35

• Known as a
• will contest

36

• Cannot challenge simply
• because unhappy with gift

37

• Must allege the Will is invalid
• because of things like fraud, or incapacity

38

• Executor/administrator is
• required to defend the Will in court

39

• If court invalidates the Will it will look
• for a previous valid Will to be used
• to probate the estate

40

• If no previous Will is found
• the estate will be probated as an
• intestate estate

41

The End of Probate
42

• Once all estate property is accounted for, all
  creditors paid, and all challenges litigated the
  executor/administrator must prepare and pay any
  taxes due on the estate

43

• After that, all remaining assets must be legally
  transferred to the rightful beneficiaries or heirs

44

Small Estate Administration
45

• Formal probate can take months, even years, to
  complete and can incur a significant amount of
  expenses

46
Some estates qualify for an alternative to
formal probate
47
Affidavit of Voluntary Administration
Also known as a small estate affidavit
Estate assets must be 30,000 or less
Decedent owned no real property or owned real
property jointly with someone else and there is
no plan to sell the property
48
Learn more about the probate process in new york
49
Law Offices of Barton P. Levine www.bartonlevine.c
om 888- 268-4425
Law Offices of Barton P. Levine www.bartonlevine.c
om [phone]