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Probate courts oversee New York wills in a process that identifies a decedent’s assets, gathers them, and distributes them to beneficiaries. Probate can take months, is expensive, involves attending several court hearings, and filing complicated documents.
It is crucial to know that even if you do not draft a will, you will not escape the probate process. Instead, when people die intestate without a will, a Surrogate Court judge appoints a personal representative to conduct probate and, by a formula, determines who is entitled to what you leave behind. Our experienced probate attorneys at Tully Law Group, PC, can explain how to avoid probate in Riverhead with tools crafted for your situation.
Probate opens with the executor named in the will or a personal representative appointed by the Surrogate Court, a spouse, child, or other beneficiary filing a petition to begin administering the estate. The executor alerts the decedent’s creditors that they can file claims for money owed. The executor sells a portion of the decedent’s assets to satisfy creditor claims and then distributes the remaining assets as directed under the will or the New York Estates, Powers, and Trusts Law Section 4-1.1 when someone dies intestate.
The judge finalizes probate by conveying the legal title of assets to beneficiaries and dismissing the executor for performing their duties. Our tenacious attorneys take a holistic approach to your estate planning, covering everything you need from birth to death to ensure your family is protected. Avoiding probate is one avenue that may be right for your estate plan once our Riverhead attorneys discuss your situation.
Here are some common ways to avoid the pitfalls of probate:
Our Riverhead attorneys dedicate our practice to strengthening families by preserving wealth to pass it to heirs and planning elder care needs that do not deplete assets, especially in cases where probate can be avoided.
Gifting assets to loved ones while grantors are alive avoids probate and can circumvent gift taxes if the assets fall below the federal threshold. In 2024, New Yorkers can gift up to $18,000 or $36,000 to a married couple without triggering federal taxes. Granting gifts more than the caps could lead to filing a gift tax return in 2025. The lifetime exemption is $13.61 million as of 2024, but the exemption sunsets after 2025 unless Congress acts.
Grantors set up living or revocable trusts during their lifetime and can amend or revoke them when they wish. The grantor is the trustee and can be the beneficiary during life but will name a successor trustee and beneficiaries to receive assets outside of probate when the grantor dies.
Real estate property can be transferred to future beneficiaries via lady bird deeds while allowing the grantor to control it while alive, known as a life estate. The grantor’s rights die with them, and the assets are transferred to the named beneficiaries outside of probate, as a Riverhead attorney could explain in more depth.
New York and federal law allocate some tools for you to avoid probate, which is complicated, expensive, and public. It also allows your beneficiaries to receive their inheritances more quickly than probate.
Our caring team understands that you may want as little fuss as possible when providing for your loved ones after your passing. Let’s sit down and discuss the best way for you to preserve and enjoy the wealth you have collected during your lifetime and leave it to beneficiaries while understanding how to avoid probate in Riverhead.
