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Bronx Probate Property

Probate property is the part of your estate that is subject to probate. Probate is the process that is managed by your executor during which your estate is settled and your assets are distributed to your beneficiaries according to the terms of your will. However, not all of your property is subject to probate. While your car, clothing, furniture, and bank account may be subject to probate, your 401(k) will not. In order to ensure that your estate will be distributed to your beneficiaries in the manner and timeframe that you expect, contact a Bronx probate property attorney to discuss your estate planning concerns. Keep in mind that it is also important to regularly review your estate plans. Changes in your family such as births, deaths, marriages, and divorces, as well as changes to your financial situation and property in your estate may require changes to your will, trust, powers of attorney and other estate planning documents.

Probate property

Property that will be included in a decedent’s probate estate includes most property that the decedent owns solely and that the decedent owns as tenants in common with one or more people. Examples of probate property include:

  • Real estate owned individually
  • Real estate owned as tenants in common
  • Automobiles
  • Jewelry
  • Furniture
  • Clothing
  • Collectibles
  • Bank accounts owned individually

If property is classified as probate property, you have the right to leave it to a beneficiary in your will. If you do not have a will, or if there you have probate property that is not mentioned in your will, it will be passed to your heirs based the laws of intestacy. To learn more about intestacy and what happens to your probate property, discuss the matter with a Bronx probate property attorney.

Non-probate property

Property that is not subject to probate is generally property that the decedent owns as a joint tenant, property that is subject to a designated beneficiary, and property that is legally identified as non-probate property. Examples of non-probate property include:

  • Joint tenancy property
  • Payable on death bank or financial accounts (POD)
  • Transfer on death bank or financial accounts (TOD)
  • Life insurance proceeds
  • 401(k) accounts
  • IRA accounts
  • Property held in a trust

Keep in mind that if the designated beneficiary is your estate, then the property will be subject to probate. Similarly, if the designated beneficiary predeceases you, then the property may become probate property. For example, if you have a POD bank account and the person that you designate passes away before you, the bank account will become probate property. The probate court may also get involved with non-probate property if the designated beneficiary is a minor or has some other type of incapacity.

Avoiding probate

If you are concerned about how probate will affect the winding up of your estate and distribution of your assets, review your estate plan with a probate property attorney in the Bronx. There are strategies such as transferring property to a trust that can help ensure that your beneficiaries receive your property soon after your passing.

Contact the Law Offices of Stephen Bilkis & Associates

With proper estate planning, you can ensure that your assets are passed to the people you case about as soon as possible following your death. Otherwise, distribution of your property may be delayed due to an extended, complicated probate process. The experienced probate property attorneys serving Bronx at the Law Offices of Stephen Bilkis & Associates have years of experience developing custom estate plans for clients. We will review your will and other estate documents to ensure that they are consistent with your goals. Contact us at 1-800-NY-NY-LAW (1-800-696-9529) to schedule a free, no obligation consultation regarding your case. We represent clients in the following locations: the Bronx, Brooklyn, Long Island, Manhattan, Nassau County, Queens, Staten Island, Suffolk County and Westchester County.

Client Reviews
★★★★★
Mr. Bilkis handled both my father and mother's estate issues through very difficult times he was compassionate kind and understanding. In fact the whole firm showed great empathy. Despite the emotional hard time we were having that quickly and efficiently handle all the matters that were necessary to get us the result we desired. Can't recommend them enough. B.B.
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