Probate is a legal process after someone passes away to collect the property and assets of the individual. The first debt is paid and then assets are distributed to the beneficiary according to the will. But figuring out which assets are included in a NY probate estate is sometimes not so easy. For medium to large estates, a local probate attorney in NY is often needed to streamline the probate process to only include assets that actually can go through probate. For smaller estates, under a certain threshold ($50,000) probate can also be skipped depending on how the assets are calculated.
What assets are included in probate estate in NY
Many assets which are singularly owned by the individual can go through probate but if an asset is jointly owned or held in a trust that it is not considered a probate asset. Some of the most common assets are bank accounts, stocks, bonds, cars and even real estate.
Assets not included probate estate in NY
But some of the assets not included in probate include property owned in a living trust, life insurance, 401ks and transfer on death accounts. These assets not included in a probate estate in NY are typically passed directly to the beneficiary or the joint owner upon receiving the death certificate. These assets are also not included in the probate petition and are not used to calculate the filing fee.
If all the assets are not included in the probate estate due to the fact they are jointly owned or other qualifying reasons then the NY court will not be involved. Careful planning is required in advance to legally classify and protect assets to avoid the lengthy probate process and set up joint ownership or a trust.
Get a free consultation with the local estate planning experts at:
Roman Aminov Esq. Estate, Probate & Elder Law of Queens 147-17 Union Tpke, Queens, NY 11367 (347) 766-2685 https://www.aminovlaw.com/
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