Aminov Law- The Best Probate Lawyer In NYC
Offering best legal solutions on real estate, probate laws, elder law and other.
By: Aminov Law
Why is the probate law in NY important?
There are various reasons why people residing in NY are important. The probate is needed when the estate is a small estate. If the total value of the estate is less than $30,000, as per the NY law, it is considered as the probate, and it does not have to go through the process of probate. In the second case, when all the assets are not subjected to the probate. Some assets are not subjected to the probate law in NY, and they are easily transferred to the beneficiaries after the death. Such type of assets includes the joint tenancy assets, beneficiary designation and the tenancy by the entirety, brokerage accounts and so on.
Even, when the decedent has taken the living trust to hold up his or her assets, the existing beneficiaries have to go through the probate process.
Some important steps involved in probate
Three important steps are involved in the probate process, they are-
1. PHASE 1- petitioning for probate
This phase starts with filling the petition to the probate court. The main objective of this step is to convince the court for issuing the decree validating the Will and also appoint the executor of the estate.
2. PHASE 2- Administering the estate
During this stage, the executor will gather all the information and make an inventory for all the deceased assets. Then, submit the form to the court for review. Once the process is done, the executor will then file the probate petition with the court and close the probate.
3. PHASE 3- Distribution, the closing of probate
Once the court gets satisfied with the form, they order the executor or the estate representative for distributing the remainder of the deceased assets to the heirs of the property.
Hence, when you are facing problems regarding the probate law, you can choose the lawyer.
To know more,
Address: 260 Madison Ave #204, New York NY 10016
Phone: (212) 201-9299