Many people want to avoid probate. A common misconception is that probate in New York can take over a year and can be expensive. It is common for a probate to only take a couple of months, when it is handled correctly. But there are times, due to certain circumstances, that probate can take over a year to complete and it can be expensive. A probate lawyer at our firm can help expedite the process and keep the fees down. It is important to realize that avoiding probate does not mean avoiding estate taxes and trust and estate administration. Avoiding probate may not make the estate settlement process less complicated or time-consuming.
How Can I Avoid Probate?
You can avoid probate with the right legal documents and the proper titling of your assets and beneficiary designations. Forms to create a trust that are found in computer software, at stationery stores, and online are not written with your situation in mind and may not comply with New York law. This means that those forms will not give you and your family maximum benefit. Usually a trust is established to avoid probate, but establishing a trust alone does nothing! Assets must be transferred into the trust by retitling the asset in the name of the Trust. Otherwise, those assets may need to go through probate. It’s shocking how many people visit our offices having paid for trusts prepared by other firms that have never had any assets put into the trust.
Is There Probate if Someone Doesn’t Have a Will?
No. The process is instead called an Administration Proceeding. This proceeding is similar to a probate but
is often more complicated.
Does Everything Go Through Probate?
No! There are many assets that totally avoid probate (they can end up in probate if they are incorrectly titled
or if the wrong beneficiary is named). These may include IRAs, life insurance, and jointly-owned property. But remember, even when assets avoid probate, they are still subject to estate administration and possible estate taxes
after an owner dies.
Can I Avoid Probate Without Hiring a Probate Lawyer?
There are many reasons not to make avoiding probate a do-it-yourself project. You should not avoid hiring a probate lawyer to help with you with the trust and estate administration. Often, people do not realize how important it is to handle the estate administration properly, or else beneficiaries (even family members) can create a lot of problems for the Executor who is personally liable for any mistakes.