How Does the Probate Process Work?

The probate process involves authenticating the deceased individual’s will, assessing the assets, settling debts and taxes, and oversee the allocation of the inheritance. After an asset-holder dies, the court will appoint a valid will’s executor to administer the probate process. In the absence of a will, the court will appoint a state administrator to handle […]

What are non-probate assets and how to recover them?  

estate assets document

When a person passes away, their estate is often comprised of probate assets and non-probate assets.  Probate assets are assets that will be distributed according to the decedent’s Last Will & Testament.  These assets are titled solely in the decedent’s name. Non-probate assets are sometimes called testamentary substitutes.  These assets have beneficiaries associated with the […]

What commissions are an Executor or Administrator entitled to?

pile of hundred dollar bills

An Executor or Administrator of a decedent’s estate is entitled to a commission.  The job of the Executor or Administrator is to gather all the assets of the decedent, pay the liabilities, and distribute the funds according to the decedent’s Last Will & Testament or according to the intestacy rules of New York.  The executor […]

What is an Ancillary Probate or Ancillary Administration Proceeding?

law book that's titled probate

When a person passes away with real property in multiple states, an ancillary proceeding may be necessary. The primary probate proceeding (if the person passed away with a Last Will & Testament) or primary administration proceeding (if the person passed away without a Last Will & Testament) is commenced in the State and County where […]

Seven Benefits of a Revocable Living Trust

  Many Americans simply leave a will to distribute their assets upon their passing.  However, the creation of a Revocable Living Trust creates several benefits unavailable to those simply leaving a will. Here are seven benefits to creating a Revocable Living Trust 1) Avoiding Probate- A great benefit of a living trust is that it […]