Every person owns some property and assets in the form of real estate, bank accounts, stocks, etc. Have you ever thought about what will happen to these assets after the death of the owner? The distribution of these assets takes place through the probate process. Probate is a legal process by which the court distributes the assets of a deceased person to his heirs. After the asset holder’s death, the court appoints an executor mentioned in the will made by the owner. The executor is responsible for paying all the remaining liabilities on the assets of the deceased person and distributing the assets to the heirs. However, you must hire a Probate Long Island Attorney to make the process simpler and smoother.
Steps Involved In A Probate Process
Every state has different probate laws. The probate court gives the final judgment regarding the division of the assets owned by the deceased person to the heirs according to the probate laws. However, most people are unaware of the probate laws, which make the process difficult for them. Therefore, it is essential to take the help of any professional for the probate process. Professional guidance can help you save a lot of time, energy, and money. Moreover, probate is a multi-step process. The steps involved in probate are as follows.
Appointment Of Personal Representative
As discussed earlier, the owner mentioned an executor(s) in the will that is responsible for settling the assets. However, in some cases, the owner dies without any will or documentation. In such cases, the court appoints an administrator to represent deceased person assets in the court. Most of the time, the surviving spouse or any close family member of the owner acts as an administrator.
Estimating Estate’s Value With The Help Of Probate Long Island Attorney
The first task of the executor or administrator is to locate all the assets of the deceased person. This process can take some time, as there can be some hidden assets that no one knows. However, it can be a too complicated process without the help of a professional. You can hire a Probate Long Island Attorney that can assist you in all these tasks. He/she can also help you handle the paperwork, which is not easy to deal with individually
Identify And Paying Debts
Before distributing the assets, the executor needs to clear all the pending debts on the assets. He has to notify the creditors about the demise of the owner. You can publish the news in the local newspaper to inform an unknown creditor about the asset holder’s death. After verifying all the pending dues, the executor has to clear all the pending bills or debts on the assets.
The executor also needs to file a tax return. If an estate is liable to the taxes, the executor must clear all the charges from the estate fund.
Distribution Of Assets
The final step after paying the taxes and debts is to distribute the assets to the heirs. The executor needs the permission of the court to execute this step. The court will demand all the documents related to the assets and debts. After verification of the documents by the court, it will give a final judgment about the distribution of the assets to the beneficiaries.
Why Do You Need A Probate Long Island Attorney For The Probate Process?
From the above details, it is clear that probate is a multi-step process that involves various steps. It may take several months or even years, depending upon the complexity of your case. It can be too challenging for an individual to complete all these steps and complete all the documents. Moreover, without proper knowledge, probate costs can be much higher. A Probate Long Island Attorney can assist you in all these tasks and also helps to reduce the costs. The attorney can also help to avoid unnecessary taxes with his/her experience.
Is There Any Method To Avoid Probate?
Probate is a lengthy and tedious process that can cost you significant money. Therefore, many people are looking for ways to avoid probate. By proper estate planning, you can ensure that your assets’ distribution to your beneficiaries doesn’t take place through probate. There are various methods, including a living trust, that can help you to avoid probate. A Probate Long Island Attorney can utilize these legal tools to help you make a robust plan to avoid probate. He/she can suggest you the best methods according to your needs for avoiding probate. Moreover, an estate plan helps reduce or prevent the unnecessary taxes levied on your assets during their distribution after your death.