The expression probate refers to the legal procedure, and an executor appointed by the court supervises this proceeding to mitigate the deceased person’s assets. The executor even validates the deceased person’s will and distributes the assets via the intestacy regulations if no will is present. Probate is necessary when you die without naming an heir in your Will or do not have a personal representative to handle the matter of your estate.  Many people still believe their property will go to their surviving children after their death, but that is entirely wrong, especially when contestants start to show up. Thus, it is essential to know the law better.

By the probate law, when will probate be necessary?

As we have said here, probate will be in action when someone dies without a well-drafted Will. If the deceased’s assets are not named to any beneficiaries, such possessions will be passed to the Will contestants by operation of law. NY probate & estate laws also dictate that the deceased’s belongings will be part of the probate, including their bank accounts, homes, cars, jewelry, art, cash, and antiques. Non-problematic assets, such as properties held in trust, life insurance policies, brokerage accounts, and jointly held real estate properties, will also be included.

Can probate be avoided by naming beneficiaries in the Will?

That is how things should be, so the court cannot meddle in your family’s affairs. Therefore, it is essential to produce a Will by hiring probate attorneys from Queens. Meanwhile, you should create a last will, where your beneficiaries will be named for the property added to probate because properties outside of the probate will be under different laws or could be assigned to the beneficiaries. First, you must name a beneficiary in your Will, yet the property could still be under probate. If a beneficiary is named in the Will, the property will be theirs after completing the probate. But you would need a probate specialist like the Law Offices of Roman Aminov to know the advantages and disadvantages of title and relocation of inherited property after a probate.

What should you do to avoid probate in the first place?

There are many ways to avoid probate in the first place; according to the NY probate & estate laws, you should do the following to avoid probate:

Appoint living trusts: New York probate laws allow people to name a living trust for assets. Your lawyer will produce trust paperwork during Wills & estate planning to name your successor trustee and move your property ownership into the trust. A person in the trust will inherit your property after your death without probate.      

Co-ownership: Any estate that enables a right of survivorship can be transferred straight to another individual named as an owner. NY probate and estate laws permit two forms of joint ownership based on the owner’s connection to the deceased. If property is held in joint, if one owner dies, the whole property will go to the surviving owner without probate.

Aside from these two options, you can even consider beneficiary designations, in which you can assign your beneficiaries to certain assets and direct which assets will be used to pay off your debt after your death. These details should be mentioned in your final Will.