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When someone dies with or without a will, the estate may be subjected to probate before any assets are distributed. Probate is essentially the process through which a person’s will is verified to be legal and valid.
When a person dies, it is the job of the personal representative, or estate executor, to ensure the decedents affairs are handled in accordance with their last will and testament. Such responsibilities include identifying creditors, compiling a list of assets, paying taxes, resolving claims against the estate, and ensuring assets are distributed to heirs.
When someone dies, their estate goes through the probate process in surrogate court to ensure that the estate is divided according to the wishes stated in a will and/or other estate plan document. The person named as executor in the will or estate plan has a legal duty to accurately and carefully ensure that the will and estate plan are carried out according to the decedent’s wishes.
Whether you are planning your estate in New York, or you are acting as the executor for a family member’s estate, it is important to consider the state taxes that may be levied prior to distribution of the property and assets specified in a will to the named beneficiaries.
New York State only requires estates valued over $30,000 to be probated when there is a will. Probate proceedings in New York State take place in Surrogate’s Court in the county where the decedent lived at the time of their death.
Estate administration is the settling and distribution of the possessions and value of a person who is deceased, according to their will. If a loved one recently passed away, what do you need to know about the process?