Most estates will need to go through the probate process in New York. The one exception is a small estate valued at less than $30,000. The court uses the probate process to validate the will and heirs and gives the executor the go-ahead to execute the will.
More complex estates might take longer to validate, especially if there are multiple assets and heirs to consider.
A will can take anywhere from one to three months to process in probate, long as no one contests the will. If you have more questions about probate, contact our legal team to discuss how to avoid it: (516) 809-7735.
How Can You Prevent Probate in NY?
There are a few loopholes regarding probate court in New York. Estates that qualify as small will likely have an expedited process and exemption level for probate.
Another example is a will as a standalone legal document will not prevent probate court. However, you can consider creating a living trust as part of an estate plan to avoid probate court.
A trust is a private fiduciary agreement that allows a designated trustee to preserve, manage and distribute your funds as you see fit. Trusts never have to go through probate court as they are private.
To prevent probate, contact our legal firm to discuss wills, trusts, and estate planning: (516) 809-7735.
What Happens if You Don’t Probate a Will?
Only wills with an estate valued over $30,000 must go through probate.
There are consequences to avoiding probate. If you don’t go through the motions to validate the will, your loved one’s assets will not be legally transferred to heirs; the estate will continue to incur expenses like property taxes and insurance. Creditors also can continue to pursue payment for any debts.
Understanding the potential legal and financial complications related to wills and avoiding probate in New York is essential. Contact our attorneys to discuss your estate planning needs: (516) 809-7735.
How Can an Attorney Help Me Avoid Probate?
You can hire an attorney to create a living trust and avoid the probate process altogether. From the moment you create a trust, and your assets and property are transferred to it, it’s protected from the legal system and the probate process.
Alternatively, you also can give away property and assets when you’re alive so that you don’t have to worry about protecting them in a will. In other circumstances where other assets are not jointly owned, there is no need for the probate process.
Probate is a complex process, and it can be costly and time-consuming. We can help you make the best and most effective choices for you and your family. Contact our law firm today for legal advice and planning: (516) 809-7735.