When you evaluate the surveys that are done periodically, you find that far too many people procrastinate when it comes to estate planning. One of the reasons for this is a lack of information. Invariably, once you understand the facts you recognize why estate planning is important. With this in mind, let’s look at the process of probate in Kew Gardens NY.
A Last Will
Someone who is procrastinating may justify it, thinking that immediate action could be taken if necessary. If there are any indications that you should take precautions, you draw up a quick last will and you are covered.
This is an assumption. Assumptions can get you into trouble. However, when it comes to estate planning assumptions, you won’t be around to pay the price. If you make mistakes, your family will be left behind to deal with the outcome.
Let’s say that you draw up a last will without considering any alternatives. You pass away. Your family is not going to receive their inheritances until the estate has been probated.
There could be immediate financial need, and this could present a problem. Short of this, the sooner you get your inheritance the better, even if it is not absolutely needed.
Probate in Kew Gardens NY – How Long Does It Take?
The process of probate in Kew Gardens NY can sometimes be quite time-consuming. It is not just a mere formality. The Surrogate’s Court will be charged with the responsibility of determining the validity of the will. If interested parties wanted to contest the will, they could do so.
If the will was hurriedly constructed without professional guidance, there could be problems.
The extent of the assets, and the form that they are in, will impact the time frame. The family dynamic will also be a factor.
Under complicated circumstances probate can take multiple years. Even simple, routine cases will take months.
While it is true that probate will not run its course overnight, it is not necessarily a bad thing. Probate provides protections. What if a challenge to the will was valid? What if you signed it while you were woozy from medication? What if you did not really understand what it contained?
This is just one type of scenario.
Over the years the state of New York as made an effort to streamline the process, so it is not something that is all bad.
On the other hand, there is nothing wrong with arranging for the transfer of your assets outside of probate if this is your choice.
The key is to make informed decisions. Consult with a licensed Kew Gardens NY estate planning attorney before making any assumptions. Ultimately, you can construct an estate plan that works for you, whether it involves probate or not.