New York Probate Property
A New York Probate Attorney Discusses Probate Property
Unfortunately, most people are unfamiliar with the concept of probate until they have to contend with the death of a loved one. Many are unclear as to what Probate Property actually is, and how it should be handled. Generally speaking, probate is a legal process where title to Probate Property is transferred from the decedent to the beneficiaries of the estate.
Probate Property included in the probate estate is any kind of property that was owned by the decedent at their time of death, or something that is payable to the estate and does not come under any type of exemption. For example, if the decedent owned a house or car at the time of their death, these items would be included in the probate estate and would need to go through the probate process. Any money due to the decedent at the time of their death, including their salary or benefits would also be considered Probate Property.
There are many exceptions however, as to what is required to pass through probate as Probate Property. For instance, life insurance policies or annuities where the benefits are payable to designated beneficiaries, are not required to go through probate. There are also certain bank accounts that are created to be payable upon death, which are called “in trust for account” are not considered to be Probate Property.
It is also important to be aware that any assets that are put into a trust while the decedent is alive are considered property of the trust, and therefore are not required to go through probate. A commonly used document that is used for this purpose is a revocable living trust. This type of trust is revocable as long as the person that created it is still living. Once this person passes away, the trustee will distribute the assets of the trust to its beneficiaries without the need for probate.
There are also exceptions to what is considered Probate Property, which are provided through state law. Most states permit a certain amount of Probate Property to pass to beneficiaries without probate, in via a simplified procedure.
Being involved in a probate matter can be extremely confusing and stressful. It is important to seek legal guidance to ensure that the estate is handled appropriately. Often complications can arise during the process that can significantly delay the process, such as a Will Challenges, or any type of Inheritance Dispute. Speak with a qualified New York Probate Attorney from Stephen Bilkis & Associates, PLLC for advice. We will provide you with a free consultation and valuable legal guidance. We have offices to serve you throughout New York City, which serve Manhattan, the Bronx, Brooklyn, Queens and Staten Island. We also have locations in Suffolk County and Nassau County on Long Island, and serve Westchester County. Contact us today at 800.696.9529.