Probate is a notoriously difficult process that is made even more challenging given the devastating circumstances of losing a loved one. While no amount of preparation or information can make your grief less painful, knowing what to expect from probate in New York can help you feel less overwhelmed and confused.
Probate Property Service has been guiding clients in Queens, NY, and surrounding boroughs through one of the most arduous elements of probate – real estate. Contact our certified probate real estate specialist today for help with your loved one’s real property.
In the meantime, this blog is a great starting point if you are looking for information about New York probate before deciding which experts to consult.
Step 1: The Petition for Probate
You must file a petition for probate in order to start the New York probate process. This form should be filed with the Surrogate’s Court in the county where your loved one lived when they passed away. There are some additional documents you will need when you submit the petition to the court, including a copy of the death certificate and the original version of the last will and testament. You will also need to pay a filing fee, which is based on the value of the estate.
If your family member did not have a will when they died, the estate will be considered intestate. There are different procedures for intestate and testate (dying with a will) estates.
An executor will also be named in the early stages of the probate process. This is an important part of probate because the executor is responsible for settling the estate and handling most aspects of estate administration. If the will names someone to act as executor, the court will likely honor that request. However, the court will appoint someone to fill the position if no one was chosen in the will or no will exists.
Step 2: Providing Notice
Notice must be given to any essential or interested parties before the Surrogate Court will issue the court order necessary to settle an estate in New York. The notice will need to include:
- The name of the person who has passed
- The name and address of the person filing the form
- A statement that the will was offered for probate
- The name and address of everyone included in the petition for probate who still needs to be served with notice
- Whether each person needing service is a beneficiary, guardian, heir, or fiduciary
Additional information may be required for certain charitable bequests.
Step 3: Identifying and Valuing Assets
The task of identifying, locating, and valuing property can be time-consuming and emotionally taxing. It is not easy to see your loved one’s life reduced to a spreadsheet or a few cardboard boxes, but making a complete list of their belongings is a major part of probate in New York. Many families struggle to make decisions about who should inherit personal property like antique furniture, jewelry, or heirlooms, but trying to divide or distribute real property is a Herculean task.
Houses, land, and other real estate are the most substantial assets most people own, and they are more complicated to address during probate because they cannot simply be packed away in a box and handed over to the heir or beneficiary.
Properly handling real property during probate is difficult to navigate without assistance because there are a multitude of complex laws and regulations to comply with. Not all property goes through probate in New York; some assets are considered non-probate assets. For example, houses with joint tenancy and rights of survivorship are often non-probate property. Also, the executor only has six months to submit an asset list to the court, so completing an inventory of the personal and real property must be done efficiently.
Step 4: Paying Debts and Taxes
Assets are not the only type of estate property; debts are also considered property in the probate process. In the majority of cases, executors must ensure that creditors are paid before distributing any assets to heirs or beneficiaries. Paying debts is contingent upon whether the estate has the money to cover other costs like funeral and administration expenses. Additionally, the estate may need to file a federal tax return if it meets the IRS criteria.
Step 5: Distribution and Settlement of the Estate
In the final stage of New York probate, the executor will submit an accounting of what was received and paid and how the assets should be distributed. The beneficiaries may need to approve the executor’s account and attest that they received their share of the estate by completing a Receipt and Release. Not all estates qualify for this informal method of probate, and it is sometimes necessary to petition the court for approval.
A Specialist in New York Probate Real Estate
We understand the difficulties grieving family members face during the probate process, and we know how to navigate the real estate challenges that many estates encounter in New York. Let us help you.
Contact Probate Property Service today for a free consultation. You can call us at (347) 915-4139 or visit our website for more information. Looking for additional information on probate in New York? Click here for our free probate checklist.