Probate is the process of settling a person’s estate after their death by proving their will in the Surrogate’s Court. Separate assets can also pass outside of probate, including trusts and some accounts with designated beneficiaries, such as insurance policies and retirement accounts. When you are going through this process, seeking help from a qualified estate planning attorney from Tully Law Firm, PC, is wise.
Probate is conducted in the court in the county where the person lived on the day of death. If the person dies intestate or unrepresented and does not have a will, generally, the estate must still go through probate. A Riverhead probate lawyer could help your family through this challenging time.
Once a filing is made to open a probate case, the Surrogate’s Court judge must conduct a hearing to validate the will. This includes determining whether the testator was at least 18 and mentally competent. The will must be in writing, signed, witnessed, and beneficiary-named.
The executor, which is the person named in the will to settle the decedent’s estate, must:
A Riverhead probate attorney assists executors with every aspect of this final settlement, ensuring that all aspects are handled efficiently and legally and that family members are not burdened unnecessarily.
A streamlined probate-like process in New York is possible if specific criteria are met. The decedent’s estate must be worth less than $50,000. The assets must be eligible to pass outside of probate. For example, this could include any assets jointly owned by a spouse or adult child or have designated beneficiaries, such as pay-on-death bank accounts, retirement accounts, and life insurance policies. The decedent also must not owe any taxes or other debts.
Although New York does not tax inheritances, it does levy an estate tax on residents if the estate is valued at more than $6.94 million at the time of probate. The federal estate cap is much higher, but changes are coming in 2025 that will heavily impact higher net-worth estates. The 2017 Tax Cuts and Jobs Act (TCJA) significantly increased a person’s lifetime estate and gift tax exemption from $5.6 million to $11.18 million, which became tied to inflation beginning in 2019. The federal estate tax cap 2024 is $13.61 million for individuals and $27.22 million for married couples.
These exemptions are expected to end in 2025, returning post-2025 exemptions to about $7 million for individuals and $14 million for spouses. A Riverhead attorney could help people maximize estate and gift taxes before the opportunity is no longer available.
Estates are probated even if the person did not make a will and died intestate. The court will determine by a formula set as law what percentage of the assets certain family members receive. Failing to draft a will can mean assets, including business interests, could fall into the hands of family members the decedent did not intend.
You want the assets you spend a lifetime earning to benefit loved ones, friends, and charities, and the best way to do that is through estate planning that can ensure the probate process is conducted without setbacks or family issues.
Our attorneys at Tully Law Firm, PC, are family advocates. We understand the value you add to your loved one’s lives by bolstering their financial security and giving them precious gifts to remember you by. For all your estate planning needs, consult a Riverhead probate lawyer today during an initial consultation.
