Do you want to know whether you will have to undergo Probate now that your loved one has passed and leaves a last will behind? The first question that a reasonable probate attorney will ask is whether there is a trust setup or just a Will. The answer is yes; if there were just a Will, you would have to go through Probate! Please keep in mind the time frame and costs associated with Probate can vary from county to county and state to state, as well as the process and laws governing the process.
The value of the estate plays a vital role in this. For example, estates with a total asset value under $50,000 in New York are not subject to an entire proceeding and can file small estate forms. This article will help educate you on the importance of Probate. You will understand Probate’s significance and how it is essential with or without the Will. Read on ahead to find out more.
Importance of a Probate of the Will
Regarding Probate, there seems to be a lot of confusion and misunderstandings. Probate is the process or a legal procedure that provides a beneficiary some legal authority to ownership over the assets or power to take care of the deceased person’s affairs. Typically, it is best to have an experienced attorney helping you file the necessary documents for Probate. Probation is a time-consuming process and can come with complications caused by family disagreements. You first need to know that you will need an original of the Will and Death Certificate. It is essential to remember not to remove any staples from the original Will as this may disqualify it. Please do so without eliminating pins if you need to make copies for your records. When obtaining the death certificate, ask for multiple originals, as you may need them during the process. Mistakes when filling out the necessary paperwork for filing can delay or complicate the process.
Typically, within the Will, the deceased has named a person or people they wish to become the executors of the Will. Just because you are called an executor doesn’t mean you must undertake the role. You can step away from the part, allowing another family member to take your place. An executor assumes a fiduciary position and is responsible for ensuring that all debts and taxes are paid before dispersing any assets the estate holds.
Creating a list of assets is a Very Important Factor.
When you want to establish the requirement of a proper Probate, it is vital to ensure that you make a detailed and essential list of the things or assets owned by the deceased. Then you will have to find out some other essential details. These details will provide you with some information about the estate’s ownership, such as how the apartment or house was deeded. Were the assets named under the deceased’s sole name, or were there some joint names also? The help which has joint names can have tenants who are in common. This is important as it will give you a better understanding of the estate’s value.
As we discussed before, if the total assets in the estate are under $50,000, you can avoid an entire proceeding and need only to file paperwork for small estates. They know how properties are deeded plays a significant role as they might be outside of Probate and pass directly to the tenant in joint. For example, a married couple with kids and one spospousesses away. Let’s say the deceased leaves a Will behind, all their assets in equal shares to the spouse and the surviving children. If the house is deeded tenants in common and both the deceased and spouses’ names are on the deed, then the house passes directly to the spouse and isn’t considered part of the estate, nor does it have to undergo Probate.
As you can see, there are a lot of factors to determine whether or not you will have to Probate a Will to gain access to the estate and what is considered part of the estate. We offer free consultations if you are reading this and wish to consult with an experienced attorney. It is also important to remember that it is possible to plan to avoid Probate altogether. Probate can be time-consuming and costly planning ahead can save you time and money. So call us today, and let us help you!