When planning for an estate in New York, you may wonder whether or not all Wills have to go through Probate. Unfortunately, the answer is not straightforward. Please continue reading as we explore when Probate is necessary, how you can avoid this process, and why connecting with a determined Rockland County Estate Planning Attorney is in your best interest during these complicated matters.
What is Probate?
Probate is the legal process of validating a deceased person’s last Will and Testament. In addition to determining the value of assets, and satisfying debt and taxes, it authorizes the executor of a Will to distribute the remaining estate to the correct heirs and beneficiaries. Essentially, this process ensures the deceased’s assets are distributed according to their wishes.
It’s important to note that the Probate process can be complex and time-consuming, particularly for those with large estates or where there are disputes among potential beneficiaries. As such, many people want to avoid Probate. There are several ways to accomplish this, but one of the easiest is to create a living trust.
Do All Wills Have to Go Through Probate in New York?
Many people mistakenly believe that Probate only applies to individuals who die without a Will. Although the Probate court handles intestate estates (those without a valid Will), it ensures that the estate is administered fairly and that assets are handled according to the deceased person’s wishes.
While the majority are, not all Wills are subject to Probate in New York. There are various ways to circumvent this process. One of the most common strategies to avoid this process is establishing joint ownership. If you own property jointly with the right of survivorship, the property will automatically pass to the surviving owner upon the death of the other. Another way to bypass Probate is to designate beneficiaries on bank accounts, investment accounts, and life insurance policies, allowing assets to transfer directly to the named beneficiaries.
New York allows for a Transfer-On-Death (TOD) deed, which allows you to transfer real estate to a designated beneficiary without having to go through Probate. Alongside a TOD deed, a revocable living trust will allow you to transfer assets to the trust while you are alive, and the trust can manage and distribute the assets according to your wishes upon death, successfully avoiding Probate. Gifting assets to your heirs during your lifetime can also help you bypass Probate, as the assets will no longer be considered part of your estate. Furthermore, if you have a smaller estate, you might be able to avoid this process by using an affidavit. This is a simplified process for transferring assets.
As you can see, there are numerous strategies you can utilize while estate planning to avoid Probate. If you are planning your estate and want to explore your legal options, it’s in your best interest to consult with an experienced attorney from The Lauterbach Law Firm. Our legal team is prepared to help you determine the best course of action to achieve your goals. Connect with our firm today to learn how we can assist you through this complex process.
