After an individual dies with a will, his or her estate will be settled by the executor named in a will through a process supervised by the court. This process is called probate. Probate is not an easy process, especially because it can be involve extensive paperwork and tedious tasks. If you need assistance administering probate in Long Island and New York City, talk to our attorneys at Davidov Law Group. We can guide you through the process and help to resolve any disputes that arise.
Steps when administering probate include:
Estate administration is the process of transferring a deceased individual's assets to the beneficiaries. Debts and taxes of the deceased are also settled during this process.
If an individual passes away without a plan, such as a will or trust, then the court will be left to decide how the deceased's estate will be resolved. In most cases, assets and property of the deceased will be transferred over to a spouse and children, or the closest relative.
A big factor is the cost of probate. Court fees, attorney’s fees, and other costs can significantly reduce the actual value of an estate.
Probate can also be quite lengthy. This delay can be hard on families, especially those experiencing financial hardship.
Because probate is supervised by the court, it is public record. Anyone can access and read court files and be privy to a deceased’s estate and the value, as well as the names and addresses of the beneficiaries.
Having learned a little more about probate and estate administration, you may be wondering about whether it is possible to avoid it. The answer is yes. If you want to spare your family from having to go through a court process after your death, then talk to one of our attorneys about your options. We can discuss your concerns and help you find solutions that work for you.
Call us at (516) 806-4414. Attend one of our upcoming workshops to get free advice.