Probate is a legal method useful for managing the estate of any person who just expired following the rule of law. The entire process includes finding out, collecting all the dead person’s properties, paying out all the debts and properly distributing the assets to all the recipients. In the NY state, a special court is responsible for handling all the matters related to the handing over of the estate. The whole process is complicated and consumes a hell of a lot of time. This is why you need the help of an experienced probate lawyer. The attorney can manage everything with ease. Let’s learn about the probate process and its different elements in this content.
Filing of petition and appointment of the executor
In any probate method’s first phase, you must start filing a petition under the NY Probate & Estate Laws. This should include the testator’s actual will and certificate of death. Once the lawyer submits these documents on your behalf to the court, it will issue the testamentary letter, which provides the will executor the permission to act for the estate.
Collect the assets and pay all the debts
When the court appoints the executor, the next job is to collect and handle the estate properties. This includes essential bank accounts, investment certificates, real estate information, and personal property-related information under the NY Estate Planning Laws. The executor’s job is also to clear all the debts of a dead person. This may include paying the expenses for the funeral, managing the taxes, and other responsibilities.
Distribute the remaining properties
After the payment of all the debts and collection of all the assets, the executor of the property starts to distribute the rest of the assets to all the beneficiaries you can find in the will. In casethe dead person does not have a will; the NY Probate & Estate Laws use the clause, which enables the court to dixstirbute the assets on the basis of the intestacy laws in the NY.
How does an estate lawyer help you?
A probate or estate lawyer plays a major role in handling the legalities after a person’s passing. In New York, the probate attorneys pay attention to those who assist in developing a will or properly managing the estate. This aid is essential in ensuring all the person’s wishes are fulfilled, and everything is respected. The Estate Planning NY support is essential for properly validating the will. The method makes sure that all the laws have been met. It is a reflection of the intention of the dead person.
When the lawyer follows this standard, they actually help in making final settlements for the deceased. These can include debt payments or account closures. NY Probate & Estate Laws counsel plays another important role, which is to calculate the value of the decedent’s estate carefully and effectively. This process includes properly appraising the actual amount of assets and finding their true value. This is important for equal distribution of all the assets.